Iberdrola hit in Spain, spends abroad

Energy giant Iberdrola said it will invest €9.6bn ($13.2bn) by the end of 2016 – 22% of it in renewables – as it confirmed its growth focus will be outside its native Spain, where it took an €801m hit on regulatory changes last year.

Iberdrola – the world’s largest wind power owner with 13.83GW in place – named the US, UK, Brazil and Mexico as its key growth markets for the 2014-16 period, and said it will make investments in new renewables capacity in all of them

The UK – where Iberdrola is making significant offshore wind investments – will attract 41% of total investment, Latin America 23% and the US 17%, with Spain set for just 15% share of the cake.

The impact of Spanish regulatory changes hurt Iberdrola’s full-year operating figures for 2013, which it Log in to read complete article.

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