Iberdrola adds $1bn to investment plans to add 6.5GW of RE

Spanish energy giant Iberdrola will invest €25bn ($26.2bn) – €1bn more than previously planned – to add 6.5GW of new renewables capacity in the 2016-20 period, it said today.

The investment, more than expected under its last strategy plan, will see the group end 2020 with 33.9GW in place, up from 27.4GW in 2015.

The main focus of the extra spending will be the US, where Iberdrola's Avangrid unit expects to add at least another 1.8GW