Iberdrola, a Spanish utility company, has announced its intention to invest €15.5 billion (US$17 billion) in renewable energy projects by 2026. As part of this plan, the company aims to commission 6GW of solar photovoltaic (PV) and onshore wind installations by 2027.
More than 50% of the investment will be allocated to offshore wind projects, while the entire investment will be directed towards projects that are already in the construction phase.
Although the company has allocated a larger investment to offshore wind compared to solar PV, it formed a partnership last year with Spanish module manufacturer Exiom to establish a module assembly facility in the northern region of Asturias, Spain. The plant, with an annual nameplate capacity of 500MW, is scheduled to become operational in the spring and will primarily specialize in the production of tunnel oxide passivated contact (TOPCon) modules.
Furthermore, the Spanish utility company has recently entered into a strategic collaboration agreement with FCC Ámbito, an industrial waste management company, to facilitate the large-scale recycling of solar PV panels.
In total, the company aims to invest €41 billion by 2026, with a significant portion (60%) dedicated to network expansion, including transmission, in the United States, the United Kingdom, Brazil, and Spain. This investment also encompasses the acquisition of an 18.4% stake in Avangrid, the utility’s North American subsidiary.
According to Ignacio Galan, the executive chairman of Iberdrola, their strategy will prioritize the development of an improved grid infrastructure to ensure a secure energy supply. This aspect will receive 60% of their total investment. Additionally, they will focus on significantly expanding their renewable energy capacity by replacing fossil fuel technologies and meeting the growing demand. Galan also acknowledged the growing importance of energy storage technologies in maintaining a balance between supply and demand throughout the day.
