Spanish renewables giant Iberdrola reported a strong first-quarter profit growth boosted by the sale of Mexican assets, and record investments as it raised its full-year profit guidance.

Reported net profit soared to €2.76bn ($2.95bn) in the first quarter at Iberdrola, up from €1.49bn for the same period last year.

Its earnings before interest, taxes, depreciation and amortisation (Ebitda) were €5.86bn,