In the first nine months of 2022, Iberdrola invested €7.6 billion internationally, an increase of 14%, with 90% of the money going toward renewable energy and smart grids.
According to the Spanish investor’s Q3 results, 75% of investments were made in foreign markets, with the US serving as the main country of origin.
Thanks to newly built capacity and strong operational performance, Iberdrola’s wind and solar production climbed by 13%, bringing renewable energy production to 55,354GWh and making up for the decreased hydro production that resulted from unfavourable weather conditions.
Strong overseas success (mainly in the US and Brazil) was the primary factor in the company’s reported net profit of €3.1 billion (+29%).
Operating cash flow was €8.2 billion, up 28%, while EBITDA climbed by 17% to €9.53 billion.
Additionally, during the reporting year, it forged partnerships with EIP for Wikinger to promote 11,000 charging stations in Spain and Portugal, Sempra in the US to create green hydrogen, and Shell to support floating offshore in the UK.
Executive chairman of Iberdrola Ignacio Galán said “We continue to contribute to a more self-sufficient, sustainable and competitive energy system.”
“Accelerating investments in electrification will allow us to be less dependent on the volatility of oil and gas and generate more growth and more jobs, as this set of results show.”