Strategic plan 2024-2026

A record investment to drive the energy transition

We announced an investment of €41 billion by 2026 to help create a secure and sustainable energy future for all.

At Iberdrola, we are working to build an electric, healthy and accessible energy model, based on people’s well-being, and preservation of the planet. To achieve this, we updated our commitments and reinforced our investment strategy with €41 billion over 2024-2026, focused on promoting economy’s electrification and anticipating new sources of electricity demand.

This Strategic Plan is focused on investing in grids in markets with stable frameworks, , as well as in renewable technologies with greater value, increased storage capacity and customer portfolio optimisation.

Strategic plan in figures

A commitment to financial strength

Our roadmap looks to the future with optimism and commitment. Our investment plan to 2026 includes the purchase of 18.4% of our US subsidiary Avangrid and €5 billion of investments with strategic partners. Thus, we are allocating €36 billion net to investment, of which 70% will be focused on growth. By country, we are focusing 85% of our investments in A-rated regions with clear and stable regulatory frameworks. 

These investments will enable us to improve our financial strength, so we forecast EBITDA of €16.5-17 billion by the end of the period, with the networks and renewables businesses contributing around 50% each. Thus, our goal is to have 70% of our EBITDA not linked to the wholesale electricity market price by 2026, and we estimate net profit to increase to a range of between €5.6 and €5.8 billion.

Ignacio Galán

"The electrification of energy is unstoppable. Our strategy will focus on delivering enhanced grid to support security of supply, as well as a strong expansion of renewables capacity. We also recognise an increasing role of storage technologies."

Ignacio S. Galán

Executive Chairman of Iberdrola

Keys to the our Strategic Plan

More about our Strategic Plan

Smart grids for a decarbonised world

We earmarked 60% of net investment to 2026 (€21.5 billion) in grids in the US, UK, Brazil and Spain. More than €6.5 billion of this figure is focused on transmission lines.

Smart grids

Offshore wind, key to our future growth

More than half of our investment in renewables (€15.5 billion) is focused on offshore wind projects under construction in the US, UK, France and Germany. The next largest technologies by investment are onshore wind and solar, 28% and 18% of the renewables total, respectively.

Offshore wind power

We are strengthening our leadership in storage

We will allocate €1.5 billion to storage by 2026, which will enable us to reach 120 million kWh of capacity through pumped storage – an increase of 20% – to provide greater stability to the system.

Energy storage

€385 million a year for innovation and digitisation

Smart grids

To automate 85% of our high and medium voltage grids

Green hydrogen

Leading production to reach 5 kilotonnes of H₂ per year


Maintaining 2,000 external cybersecurity assessments or verifications per year

Solutions to secure the future

At Iberdrola, we want to give added value to our customers, listen to their needs and make them a key player in the energy transition, whether they are residential or business users. For individuals, our proposals focus on solar self-consumption, electric mobility and green air conditioning. For industrial customers, we offer decarbonisation plans through long-term power purchase agreements or green hydrogen.

A roadmap committed to our ESG+F Goals

At Iberdrola, we are very aware of the need for our strategy and operations to always be aligned with environmental, social and governance (ESG+F) factors for socially responsible management

In this way, the 2024-2026 Strategic Plan will also contribute to our aim of making a positive impact on people’s well-being and preservation of the planet. Some of our most important goals are:

Environment (E)
Reduce emissions by up to 60 g CO₂/kWh by 2025.
Be Carbon Neutral in electricity generation by 2030.
Net Zero in all of our operations by 2040.

Social (S)
Generate 10,000 new hires by 2026 and support over 500,000 jobs from our suppliers.
Reach 23,000 people in the International Corporate Volunteering Programme by 2030.
Have more than 60 accessible solutions for customers by 2026.

Governance (G)
Maintain our culture of ethics, transparency and good governance.
Achieve 75% of facilities with the Stakeholder Engagement Model in place.
Lead in governance, ethics and compliance rankings.

Finance (+F)
90% of CapEX (capital expenditure) aligned with European taxonomy.
Manage over 80% of our financing under ESG criteria.

Partnerships and asset rotation

€7.5 billion alliances and asset rotation target, presented at the Capital Markets & ESG Day 2022, was met just one year after its announcement – illustrating the Iberdrola Group's ability to reach agreements with high quality partners. All of these transactions, carried out in different countries and for different technologies, have significantly exceeded the listed multiples, highlighting our ability to create value.

Among the main corporate operations carried out, in line with our financial soundness objectives, stands out the sale of 13 plants in Mexico last February 2024 (over half of our business in the country). With net capital gains of €1.1 billion, this deal has been the lever to strengthen relations with the Mexican government, improving the long-term prospects of the renewables portfolio in the country.

In summary, the over-achievement reached in 2023 places Iberdrola in a privileged position to meet the new alliance and asset rotation targets of €12.2 billion until 2026, while the alliance model implementation provides robustness and long-term value in all market conditions.

Featured documents

Consult here all the documentation published during our last Capital Markets & ESG Day 2024.