Spain’s Iberdrola to invest €41 billion in electrification

BILBAO, March 21, 2024 – Iberdrola plans to invest EUR 41 billion in electrification over the coming three years, including expanding power grids in the USA, the company announced on Thursday.

The company’s spending programme includes the previously announced USD 2.48-billion acquisition of 18.4% of US energy services and delivery company Avangrid.

EUR 21.5 billion of the investments will go towards expanding and upgrading power networks in the USA, UK, Brazil and Spain.

EUR 15.5 billion of gross investment, including EUR 5 billion contributed by partners, will go to what the company terms “selective” renewables investments. This covers projects already under construction and half of the funds will go to offshore wind, in the USA, UK, France and Germany.

The company also anticipates around 10,000 new hires during the three-year span.

The USA will remain Iberdrola’s leading investment destination with a 35% share, the company said, followed by the UK (24%), Iberia (15%), Latin America (15%) and Germany, France, Australia and others (11%).

“The electrification of energy is unstoppable and will expand exponentially in the years ahead, supporting decarbonisation, boosting energy security, and reducing the volatility caused by fossil fuels,” Iberdrola executive chairman Ignacio Galan said.

Iberdrola is a Spain-based multinational electric utility company with a strong focus on renewables and decarbonisation.

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