Global leadership 2007-2025

The global financial crisis that began in 2008 led to a reduction in energy demand, but it also opened the door to significant improvements in energy efficiency and positioned renewables as an attractive alternative for all types of consumers.

During these years, the energy paradigm shifted and the main energy sources supporting the planet were increasingly questioned. Demand continued to rise, particularly for electricity, while the fight against climate change effects moved to the forefront of the global agenda.

The energy sector had to transform to meet the needs of this more demanding era. This required significant investment to ensure security of supply, competitiveness and sustainability. Renewables emerged as the key to addressing this new energy era, although many challenges remained.

Iberdrola, true to its commitment to customers, made a decisive shift towards clean-energy production, particularly onshore and offshore wind. In 2016, it became the leading renewable energy producer among European utilities and the global leader in installed onshore wind capacity. Aware of the complexity of the landscape, the company also invested in the deployment of smart grids, energy storage and the development of innovative products and services to deliver green electricity to its customers.

Recent global history has been shaped by two major events: the COVID-19 pandemic in 2020 and the Russia-Ukraine conflict, which began in 2022. Both have left a profound social and economic impact, directly affecting the energy sector. The former highlighted improvements in environmental indicators as a direct result of reduced CO₂ emissions. The latter underscored the importance of energy sovereignty and security, particularly in regions heavily dependent on imported raw materials such as gas. In Europe, these effects were especially pronounced, with the energy sector once again called upon to adapt to a new reality.

In this context, the sector has transformed around three pillars: technological progress across all business areas, decarbonisation to move from a fossil fuel-based model to one driven by renewable energy, and the electrification of demand with increasing customer connectivity. Today, residential, commercial and industrial consumers are more energy-dependent than ever, particularly on electricity, and more aware of the need for a secure, efficient and resilient system.

The Group, attentive to sector developments, has strengthened its focus on three core business areas: networks, electricity generation and renewables. It does so by relying on several strategic pillars to achieve its objectives: geographical diversification, electrification of the economy, efficiency improvements, portfolio optimisation and, finally, innovation to remain at the forefront of the needs of both the sector and society.

After significant effort, the integration of Iberdrola and ScottishPower was completed in 2007. This milestone positioned the Group as the third-largest utility in Europe. Expansion did not stop there, as the company also integrated Energy East in the United States that same year and completed the acquisition of Rokas Renewables, Greece’s largest wind power producer, one year later.

Also in 2007, Iberdrola Renovables was listed on the stock exchange, achieving the most successful debut of an industrial company that year.

In addition to its commitment to clean energy, Iberdrola has been characterised by its continuous support for social initiatives and sport. That same year, it became the main sponsor of the Spanish team “Desafío Español” and of the America’s Cup held in Valencia. Shortly afterwards, in 2010, it became the official sponsor of the Spanish men’s national football team, which went on to win the FIFA World Cup in South Africa that same year.

Despite the challenging economic environment of 2008, the Group’s activity continued uninterrupted and PERSEO was created. This Iberdrola open innovation programme with start-ups demonstrates the company’s strong commitment to entrepreneurship and business innovation, fostering their development and facilitating their application in business cases that generate significant value and improve efficiency.

In 2009, renewable generation continued to expand with the inauguration of the Whitelee wind farm in Scotland, the largest in Europe at the time, which now has an installed capacity of 539 MW following its expansion. In 2010, Iberdrola was awarded the East Anglia ONE project, an offshore wind farm in the United Kingdom. This ongoing commitment to renewables led to Iberdrola’s inclusion in the FTSE4Good Index from 2009 to the present day, an index designed to support investment in the world’s most sustainable companies.

International growth became one of the key pillars of this period. In 2011, Iberdrola focused on Brazil with the acquisition of Elektro, one of the leading electricity distributors in the states of São Paulo and Mato Grosso. During the same year, the company signed a strategic alliance with QIA (Qatar Investment Authority) and fully integrated Iberdrola Renovables.

In 2012, Torre Iberdrola was inaugurated in Bilbao, in the presence of His Majesty the King of Spain. In France, the Saint-Brieuc offshore wind farm project in Brittany was awarded.

In the Americas, the AMI project was completed, aimed at implementing a new advanced metering and reading system in the state of Maine (United States) through the installation of 625,000 smart meters. Meanwhile, in Mexico, the La Venta III wind farm entered into operation.

The company continued to receive international recognition and, in 2012, it was named for the first time as the Spanish company with the best corporate governance by World Finance.

The growth of renewables in Spain continued and, in 2013, the expansion of the Santo Estevo hydroelectric power plant was completed, entering into operation in 2015. What’s more, La Muela pumped-storage hydroelectric complex in Valencia was inaugurated. That same year, the ScottishPower Foundation was established and has since supported more than 250 social projects in the United Kingdom.

Iberdrola has always been characterised by its commitment to the highest ethical standards, as reflected in its selection as the only Spanish company listed among the World’s Most Ethical Companies by the Ethisphere Institute, a recognition it has maintained to this day.

A strong commitment to social, technological and environmental development

Renewables and networks projects gained unprecedented prominence in 2014. That year, La Muela II pumped-storage hydroelectric plant, with 850 MW, entered into operation. Together with La Muela I, it forms the largest complex of its kind in Europe, with nearly 1,500 MW. In the Irish Sea, in the United Kingdom, construction was completed on Iberdrola’s first offshore wind farm, West of Duddon Sands, with 389 MW of capacity. The high-voltage transmission line in Maine connecting the United States and Canada was also completed, along with the Baffin wind farm in the United States, with 202 MW.

In 2015, Avangrid was created following the friendly integration of Iberdrola USA and UIL Holdings Corporation, and began trading on the New York Stock Exchange.

The decarbonisation and energy transition process became unstoppable and, in that same year, the Longannet coal-fired power plant in the United Kingdom was closed. Also in 2015, the Pier II (66 MW) and Dos Arbolitos (70 MW) wind farms in Mexico entered into operation.

This commitment to renewable growth did not go unnoticed and, in 2016, Iberdrola was the only Spanish utility among the 100 most sustainable companies in the world. During that year, the company also launched numerous projects and initiatives, including the Iberdrola Innovation Middle East centre in Doha (Qatar), aimed at addressing the technological challenges of digitalising the global energy system. The Calangos complex in Brazil, which would become the largest wind installation in South America, also began operations, along with the Teles Pires hydroelectric power plant in Brazil, with an installed capacity of 261 MW.

Progress under the STAR Project enabled the company to install more than 10 million smart meters in Spain by 2017. That same year, Iberdrola also pioneered the Spanish market for hybrid green bonds with a €1 billion issuance.

Beyond Spain, the networks business continued to expand strongly, with Neoenergia integrating the businesses of Elektro Holding to create a leading electricity company in Brazil and Latin America, combining distribution, transmission, generation and supply activities. That same year, Iberdrola entered the German electricity market with the commissioning of the Wikinger offshore wind farm, with a capacity of 350 MW.

With a global impact, the company announced the closure of its coal-fired power plants worldwide and amended its By-Laws to pioneer the concept of a social dividend.

Committed to society, the Group has participated in numerous initiatives over the years. In 2015, Iberdrola began collaborating with the Spanish Association Against Cancer (AECC) to raise awareness and funds for research. In 2016, it committed to promoting women’s sport in Spain, a commitment that has grown over the years to include 35 sports federations and more than 800,000 athletes. The following year, the company was awarded the Stadium Cup at Spain’s National Sports Awards 2016.

During this period, Iberdrola’s Chairman also received notable recognition. In 2014, Ignacio Galán was awarded the honorary title of Commander of the Most Excellent Order of the British Empire by Queen Elizabeth II. Later, in 2016, Iberdrola was recognised as one of the 100 most sustainable companies in the world, according to Corporate Knights.

2018 and 2019: advancing towards electrification and sustainable energy

In the United Kingdom, in 2018, the Western Link project, the longest subsea electricity cable at the time, was commissioned through ScottishPower. In addition, to strengthen the Group’s presence in Europe and expand into new markets such as Australia, Iberdrola Energía Internacional was created that same year.

The company also received the European Environment Award and the Climate Reality Awards 2018 (Al Gore Foundation) for its commitment to tackling climate change. That same year, the Neoenergia Institute was established to promote economic, social and environmental initiatives in Brazil.

In 2019, electricity demand continued to grow and efforts to anticipate market needs progressed through new projects. That year, the Baixo Iguaçu hydroelectric power plant was inaugurated, supplying clean energy to one million people in Brazil. What’s more, Neoenergia, Iberdrola’s subsidiary in the country, debuted on the São Paulo Stock Exchange with the largest offering in the Brazilian energy sector since 2000. In the United Kingdom, the East Anglia ONE offshore wind farm began generating clean electricity.

In Spain, Iberdrola launched i-DE, the new brand for its electricity distribution business, managing 270,000 km of digitalised power lines and operating in 10 regions. During the year, the company also launched Spain’s first battery storage system for networks. In addition, the Group joined The Climate Group’s EV100 initiative, promoting the electrification of its vehicle fleet.

These efforts led to further global recognition. Iberdrola became the first multinational company to obtain AENOR’s Healthy Company Certificate worldwide and the first Spanish company to certify its Tax Compliance Management System. It was also recognised as a LEAD company in the United Nations Global Compact and ranked by the European Commission as the most innovative Spanish utility and the third in Europe.

2020 and 2021: the pursuit of an innovative and sustainable energy model continues

This was a year that will remain in the history books. Despite the widespread slowdown caused by the pandemic, the Group worked to ensure the supply of one of society’s essential resources: energy. To do so, it brought all the necessary resources to the table, something that would later be recognised.

During the year, the Núñez de Balboa photovoltaic plant in Badajoz – the largest in Europe at the time with 500 MW – entered into operation. The company also launched the country’s first collaborative electric vehicle charging app for individuals and positioned itself, in partnership with Fertiberia, at the forefront of green hydrogen in Europe.

The year 2020 also marked Iberdrola’s entry into Australia through the acquisition of Infigen Energy, with 670 MW of operational wind capacity and a development pipeline of 1,000 MW in wind and solar. Growth in Brazil also accelerated with the acquisition of the Brasília distribution company for €400 million.

Other milestones included its entry into the Nasdaq as the first Spanish issuer to join the sustainable bond network and the creation of the Supera Awards, recognising projects that promote gender equality through sport in Spain.

At the end of 2020, the Group held a new Capital Markets Day, launching a Strategic Plan to invest €75 billion by 2025 as a decisive contribution to economic recovery.

In 2021, the company achieved the highest rating in CDP, the world’s most prestigious environmental impact index. It was also a year of growth, with the start of construction of Vineyard Wind 1, the first large-scale offshore wind farm in the United States. Also, the Global Smart Grid Innovation Hub in Bilbao was inaugurated, along with the Iberdrola Innovation and Training Campus in San Agustín del Guadalix (Madrid), in the presence of His Majesty King Felipe VI.

Ignacio S. Galán also received several important recognitions during these years. In 2020, he was awarded the National Innovation and Design Award 2019 for Innovative Career by Their Majesties the King and Queen of Spain, as well as the Executive Leadership Award from the Spanish Association for Quality (AEC). In 2021, the company was recognised by Standard & Poor’s as the world’s most sustainable energy company.

2022, a year of strong growth in renewables and networks

The year 2022 supported the development of cleaner energy as part of the ongoing energy transition. Renewable projects placed the most suitable technologies in the most favourable locations. Networks distributed this energy to support the electrification of the economy. All of this was underpinned by the Strategic Plan 2022-2025, which focused its investment forecasts on electrical networks.

These were the most important projects in each region:

Brazil

In Brazil, one of our largest transmission lines, measuring nearly 730 kilometres, entered operation. A few months later, the company was awarded the São Paulo–Minas Gerais line, its largest networks project worldwide: a 1,700-kilometre power line to be built in the country. This will involve an investment of €1 billion and create more than 11,000 jobs during construction. On 7 June, Neoenergia joined Latibex, becoming the 19th listed company in the international Latin American securities market operated by BME.

Europe

Across the continent, new projects were launched. In the United Kingdom, Iberdrola began developing the East Anglia THREE offshore wind farm, with a capacity of 1,400 MW, which will form part of the 3,300 MW East Anglia Hub. In Scotland, 7,000 MW of offshore wind capacity was awarded in the largest tender ever conducted by Crown Estate Scotland, representing a total investment of €22.5 billion. Off the coast of Germany, construction began on the Baltic Eagle offshore wind farm, with a capacity of 476 MW, part of the largest offshore wind complex in the Baltic Sea, which will exceed 1,100 MW following an investment of €3.5 billion. The company also advanced its position in Poland with the start of construction of the Korytnica II wind farm.

Iberia

On the Iberian Peninsula, it was also a year of intense activity. The company continued to develop its solar business in Portugal with the construction of the Conde photovoltaic plant in Palmela. In 2022, it also inaugurated the Tâmega Gigabattery, the largest clean-energy project in the country’s history, with 1,158 MW and an investment of more than €1.5 billion.

In Spain, the Puertollano green hydrogen plant was inaugurated, the largest industrial facility of its kind in Europe at the time, with an investment of €150 million and a production capacity of up to 3,000 tonnes of renewable hydrogen per year. The Francisco Pizarro photovoltaic plant, the largest in Europe, was also commissioned in Cáceres, with an installed capacity of 590 MW and an investment of €300 million, creating 1,500 jobs during construction. And to continue with its innovation plans, Iberdrola and FCC launched EnergyLOOP, a project to lead the industrial-scale recycling of wind turbine blades, with an initial investment of €10 million and scheduled to be inaugurated in 2025.

Australia

The business in Australia continued to grow with the acquisition of development rights for the world’s largest onshore wind farm, with 1,000 MW, located in northern Queensland. The company will also develop its first hybrid wind and solar plant globally in the country, with a combined capacity of 317 MW and an investment of AUD 500 million.

A strong commitment to society, innovation and the environment

That same year, together with UNICEF, the company launched an innovative partnership aimed at promoting youth socio-economic inclusion and creating opportunities for education and employment.

It was also the year in which Iberdrola was recognised for the first time as the world’s leading private utility in investment in Innovation and Development, according to the European Commission.

2023, a year of partnerships and new projects

To accelerate electrification in Spain, Iberdrola signed an alliance with Norges Bank Investment Management to co-invest in 1,265 MW of new renewable capacity (wind and solar), supplying energy to more than 700,000 homes each year. It also partnered with BP to deploy a network of more than 11,000 fast and ultra-fast electric vehicle charging points in Spain and Portugal.

In Brazil, Neoenergia entered into a strategic alliance with GIC, Singapore’s sovereign wealth fund, to expand transmission networks, with an investment of BRL 2.4bn (€456 million).

That same year, the company joined forces with Masdar to co-invest €15 billion in offshore wind projects in Germany, the United Kingdom and the United States. Also, Iberdrola signed the largest credit facility in its history, worth €5.3 billion with 33 banks, linking its cost to two sustainability targets: emissions reduction by 2030 and increasing the proportion of women in leadership positions.

Sustained growth in renewables

Renewable projects continued to expand. Avangrid completed the first offshore substation in the United States, which will collect the energy generated by the 62 turbines of the country’s first offshore wind farm, Vineyard Wind 1. In Australia, the energisation of the Flyers Creek wind farm substation was successfully completed, with an installed capacity of 145 MW, supplying the annual electricity demand of 80,000 homes. Iberdrola Greece commissioned two wind farms, reaching 420 MW of operational renewable capacity in the country.

In Spain, Iberdrola inaugurated an innovation and training centre in Muelas del Pan (Zamora, Castilla y León region), where more than 800 people will receive training each year. It also launched the first edition of the Convive Awards to recognise initiatives that integrate renewable energy with socio-economic, rural and agricultural development, as well as biodiversity conservation. That same year, the Larraskitu complex was renamed the José Ignacio Berroeta Corporate Centre.

A new brand reflecting the Group’s direction

In 2023, Iberdrola evolved its brand to become more sustainable, digital, accessible and modern, reflecting the reality of an innovative and sustainable company. In line with this, it launched Carbon2Nature, aimed at developing high-impact nature-based solutions to reduce the global carbon footprint, enhance biodiversity and promote a sustainable economy. It also launched the first International Volunteer Awards, recognising the dedication and solidarity of its most active volunteers.

That same year, Ignacio Galán received several recognitions, including the Medal of Honour from the World Jurist Association at the United Nations for his commitment to environmental, social and governance principles, as well as financial performance.

2024, continued growth

The partnership with the Norwegian sovereign wealth fund was strengthened with a joint investment exceeding €2 billion and a total portfolio of 2,500 MW. That same year, the company launched the Q-Cero project to decarbonise thermal demand in Spain.

In Mexico, Iberdrola completed the sale of 55% of its business for approximately $6.2 billion (around €5.8 billion), including 13 generation plants with a total installed capacity of 8,539 MW, of which 99% corresponds to gas combined cycle plants and 87% to facilities operating under the Independent Power Producer scheme, contracted with the CFE.

Avangrid began construction of its first photovoltaic plant, Camino Solar, in California, which will supply the equivalent electricity consumption of 14,000 homes. Iberdrola also reached an agreement to acquire the remaining 18.4% stake in Avangrid that it did not previously own.

In Europe, the Saint-Brieuc offshore wind farm, with 496 MW, entered operation, becoming France’s second offshore wind farm and the first in Brittany. In the United Kingdom, the Group agreed to acquire the distributor ENW for €5 billion, becoming the country’s second-largest electricity networks operator.

The severe flooding that affected the Valencia region in October 2024 represented an unprecedented disaster. Iberdrola helped restore electricity supply in “record time”, contributing directly to a faster recovery. It later launched the il-lumina plan for the full reconstruction and redesign of the affected network.

The year 2024 also marked Iberdrola’s 25th anniversary in the Dow Jones Sustainability Index and its first time as the only Spanish company to obtain the international ‘Fair Tax’ certification.

What’s more, the Pontifical Comillas University awarded an honorary doctorate to Executive Chairman Ignacio Galán in recognition of his professional career and commitment to green energy.

2025, a new Strategic Plan prioritising electrification

In 2025, the sale of the Mexico business was finalised for $5.8 billion. That same year, Iberdrola successfully completed a €5 billion capital increase, oversubscribed 3.8 times.

Several acquisitions were also completed, including Electra del Maestrazgo in Spain and approval to acquire Electricity North West in the United Kingdom. In Brazil, the company completed the acquisition of its partner PREVI’s stake in Neoenergia.

Iberdrola reached a historic milestone, achieving a market capitalisation of €120 billion.

The company also launched new brands: niba, the first neo-energy company in the Spanish market; East-West Digital, introduced at the Qatar Economic Forum 2025; and ATuAire, focused on electrifying heating and hot water in Spain.

That same year, construction began on the Easter Green Link 1 subsea electricity superhighway. Another milestone was entry into the Australian networks business through a transmission project between Victoria and New South Wales. Iberdrola also reinforced its leadership in clean electrification with the Noronha Verde project in Brazil, aimed at transforming Fernando de Noronha into the first inhabited oceanic island in Latin America powered by a sustainable energy model. In North America, the company continued its expansion with final approval for the NECEC transmission line between the United States and Canada.

Renewable energy use continued to gain importance across the market. Iberdrola led the European PPA market for the second consecutive year, with more than 1,251 MW. This was supported by partnerships such as the one with Amazon, expanded in 2025, leveraging AWS cloud capabilities to support the Group’s business.

At the corporate level, Pedro Azagra began a new phase as Chief Executive Officer of the Iberdrola Group. The company was also recognised for having the best corporate governance among Spanish companies, according to World Finance, and received the ‘Top Employers Enterprise’ certification, becoming the only energy company worldwide to achieve this distinction.

In September, the Group launched its Strategic Plan 2025-2028, with more than €58 billion in investment to expand its networks business in the United States and the United Kingdom, focusing on the new era of electricity and energy.

This growth trend continued, with the company surpassing €130 billion in market capitalisation in 2026, coinciding with its 125th anniversary in Spain.