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Spanish wind energy group Iberdrola said today it plans to invest 75 billion euros ($88 billion) in its renewable energy production, grid and retail operations by 2025 to meet the growing global demand
for clean energy.
Countries, regions and businesses around the world are looking to reduce emissions to combat climate change
.
Iberdrola said pursuing the opportunities created by the "energy revolution" facing the world's major economies should help boost net profit by 40 percent from 2019 levels to €5 billion by 2025
.
In terms of market capitalization, Iberdrola has become the second largest company in Spain, after Zara owner Inditex
.
Renewable energy companies have struggled to make big profits for years, while fossil fuels have offered easier profits, but investment priorities have shifted
as COVID-19-induced lockdowns and shutdowns have dragged down energy use and hit the oil and gas market hard.
Oil and gas companies, including Royal Dutch Shell, BP and Total, are moving towards renewable energy
.
Other utilities in Europe are also working with Iberdrola to build green energy, especially wind, which will see record global growth
over the next five years.
Denmark's Orsted, for example, is implementing a $30 billion investment plan, and Italy-based Italian state electricity company Enel has set aside 14.
4 billion euros to build renewable energy capacity and phase out coal
between 2020 and 2022.
Iberdrola CFO Jose Sainz said they will receive gains of between €0.
40 and €0.
44 per share by 2025, as the company will set aside a total of €94 billion
for the investment program and its dividend plan.
Sainz said, this ?? The money will come primarily from operations and cash management, but 19% will come from taking on debt
.
Half of the total investment will be allocated to the U.
S.
, where last month the company announced that its local subsidiary Avangrid would acquire utility PNM Resources
.
During the life of the plan, domestic spending, mainly on renewable energy and networks, will double to €14.
35 billion
.
Iberdrola aims to increase solar and onshore wind capacity by 2.
5 times and offshore wind capacity by 4.
5 times by 2030 to reach a total generation
capacity of 95 gigawatts (GW).
Spanish wind energy group Iberdrola said today it plans to invest 75 billion euros ($88 billion) in its renewable energy production, grid and retail operations by 2025 to meet the growing global demand
for clean energy.
Countries, regions and businesses around the world are looking to reduce emissions to combat climate change
.
Iberdrola said pursuing the opportunities created by the "energy revolution" facing the world's major economies should help boost net profit by 40 percent from 2019 levels to €5 billion by 2025
.
In terms of market capitalization, Iberdrola has become the second largest company in Spain, after Zara owner Inditex
.
Renewable energy companies have struggled to make big profits for years, while fossil fuels have offered easier profits, but investment priorities have shifted
as COVID-19-induced lockdowns and shutdowns have dragged down energy use and hit the oil and gas market hard.
Oil and gas companies, including Royal Dutch Shell, BP and Total, are moving towards renewable energy
.
Other utilities in Europe are also working with Iberdrola to build green energy, especially wind, which will see record global growth
over the next five years.
Denmark's Orsted, for example, is implementing a $30 billion investment plan, and Italy-based Italian state electricity company Enel has set aside 14.
4 billion euros to build renewable energy capacity and phase out coal
between 2020 and 2022.
Iberdrola CFO Jose Sainz said they will receive gains of between €0.
40 and €0.
44 per share by 2025, as the company will set aside a total of €94 billion
for the investment program and its dividend plan.
Sainz said, this ?? The money will come primarily from operations and cash management, but 19% will come from taking on debt
.
Half of the total investment will be allocated to the U.
S.
, where last month the company announced that its local subsidiary Avangrid would acquire utility PNM Resources
.
During the life of the plan, domestic spending, mainly on renewable energy and networks, will double to €14.
35 billion
.
Iberdrola aims to increase solar and onshore wind capacity by 2.
5 times and offshore wind capacity by 4.
5 times by 2030 to reach a total generation
capacity of 95 gigawatts (GW).
