Iberdrola to triple offshore wind assets to $18 billion

Spain

BILBAO, May 17, 2024 – Spain’s Iberdrola plans to triple its offshore wind assets in the coming years, bringing their value to USD 18 billion, Reuters reported on Friday.

The report, citing executive chairman Ignacio Sanchez Galan’s comments to shareholders, said the move is part of the company’s recently implemented strategy of focusing its renewables assets selectively on offshore wind.

The coming three years will see 50% of the company’s planned EUR 15.5-billion renewables investment go to offshore wind.

Iberdrola has projects underway in the USA, UK, France and Germany, Sanchez Galan said, adding that the company is bidding for new projects in the USA and UK.

Photo of turbine piles at the Saint-Brieuc offshore wind project in Brittany, France, courtesy of Iberdrola.

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