Spanish renewables giant Iberdrola raised again its outlook for the year to “high-single-digit net profit growth” today (Thursday) after a strong business performance lifted net profit for the first half of 2023 to €2.5bn ($2.8bn), up 21% from the same period last year.

The growth forecast, which did not include capital gains from a now complete €7.5bn asset rotation plan, was spurred by “further investments, new capacity in renewables, positive production forecasts and new rate cases in the US and Brazil", the company stated.