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Iberdrola to beat renewables target as fleet passes 30GW

Spanish giant says record six-month investments leave it on course to exceed 13GW of new renewables by 2022

Iberdrola said it may beat its target of adding 13GW of new renewables by 2022 as its global clean energy fleet sailed past the 30GW mark.

The Spanish group told investors it was meeting the goals of its 2018-22 strategic plan faster than expected and is on course to add more than 5GW of renewables this year, driven by offshore wind in the UK, onshore wind in the Americas and more than 200MW of solar PV in its home Spanish market.

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Announcing its half-year financial results Iberdrola – which also raised its net profit guidance – said it made its largest investments ever over a six-month period, with almost half of the €3bn ($3.3bn) spent being allocated to renewable energy projects.

The Spanish group said: “The acceleration in the pace of investment signals that the target of developing 13,000MW in new capacity during the 2018 to 2022 period will be exceeded. This would mean an increase in the group's installed capacity of more than 40% relative to the start of the plan.”

Iberdrola boosted net profit in the first half by 17% to €1.64bn. Operating profit at the renewables segment fell by 1.6% on lower onshore wind and hydro resources.

The Spanish group had 30.4GW of renewables in place by the end of June 2019, including 16.4GW of onshore wind and 12.5GW of hydropower.

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