Spanish renewable energy giant Iberdrola will invest €41 billion by 2026 to accelerate electrification, the company announced on Thursday.
Iberdrola will secure €5 billion from renewable energy partners, along with its net investment of €36 billion, the Spanish energy major said in a statement.
The company confirmed that the US remains its leading destination with 35% of its total investments, followed by the UK with 24%, Iberia with 15%, Latin America with 15%, and Germany, France, Australia, and others with 11%.
“Selective investment in renewables will be €15.5 billion of gross investment, including €5 billion contributed by partners in projects already identified,” it added.
Network-based growth, or 60% of investments totaling €21.5 billion, will be designated to expand and strengthen networks in the US, UK, Brazil and Spain.
Ignacio Galan, Iberdrola’s executive chairman, said: “The electrification of energy is unstoppable and will expand exponentially in the years ahead, supporting decarbonization, boosting energy security, and reducing the volatility caused by fossil fuels.”
“Our strategy will focus on delivering enhanced grid to support the security of supply, now 60% of our total investment, as well as a strong expansion of renewables capacity, driven by the substitution of fossil technologies and additional demand,” Galan added.
By Handan Kazanci
Anadolu Agency
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