We are ready for the future with the biggest renewables pipeline in the industry

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The historic investment programme announced by the company for 2020-2025 reaffirms its commitment to renewable energy. Of the projected €75 bn, 90 % will be organic investments (€68 bn) and, of these, 51 % (some €34.68 bn) will be earmarked for renewables, which will amount to 60 gigawatts (GW) of installed capacity by 2025, doubling the current capacity. To put this plan into action Iberdrola is in a unique position, with one of the biggest renewable pipelines in the industry, totalling 70.5 GW.


Iberdrola renewables pipeline.#RRSSIberdrola renewables pipeline.

Iberdrola group has one of the biggest pipelines of renewable projects in the industry: 70.5 GW spread throughout its traditional areas — boosted this year and with new markets such as Australia, Japan and Sweden — the main technologies being: 30.7 GW photovoltaic; 20.2 GW offshore wind; 16.3 GW onshore; 2.5 GW hydroelectric; and 0.8 GW in storage batteries. Currently the company is progressing in the construction of 7 GW and, for 2025, expects to have 11 GW in operation.


Iberdrola has launched a historic investment programme worth €75 bn for 2020-2025, with the aim of moving forward and taking advantage of the opportunities provided by the energy revolution that the world's major economies are facing. 90 % of these investments will be organic (€68 bn) and will be principally earmarked for renewable energy, specifically, 51 %, some €34.68 bn.

Thanks to this organic growth, the company will reach 60 GW of renewable installed capacity by 2025, having reached 44 GW by 2022. This represents a doubling of its current capacity in six years, which stands at 32 GW (at the close of the Fiscal year 2019). The biggest boost will go to offshore wind — a technology that provides five times the EBITDA/MW of solar photovoltaic and three times that of onshore wind — but the group will also grow in photovoltaic and will extend its leadership in onshore wind and hydroelectric.

Investments are focused on countries with ambitious climate and energy objectives, such as the United States — where 33 % of investment in renewables will go —, Spain (21 %), the United Kingdom (12 %) and Brazil (5 %). Particular emphasis is given to the geographical area operated by the Iberdrola Energía Internacional (IEI) subsidiary, made up of Australia, Portugal, France, Italy, Germany, Greece, Ireland and other countries. This company will receive 29 % of the investment and will increase its installed renewable capacity to 8 GW by 2025 (including 1 GW of offshore wind), which represents 25 % of the new installed power in this period.

 Offshore wind energy

Iberdrola is to invest €2.1 bn from 2020 to 2022 and €8.8 bn between 2023 and 2025 in offshore wind energy providing an increase in its installed capacity to 4 GW by the end of the period. Currently, the company has 1,258 MW operational — through three wind farms: West of Duddon Sands (194 MW), Wikinger (350 MW) and East Anglia ONE (714 MW); 972 MW under construction — Saint-Brieuc (496 MW) and Baltic Eagle (476 MW); and another 1,604 MW secured through various Power Purchase Agreements (PPA)Vineyard Wind 1 (800 MW) and Park City Wind (804 MW).

It also has an additional pipeline of 17,600 MW split between the USA — 3,400 MW more to be installed in the Vineyard Wind area (including Liberty II) and Kitty Hawk (2,500 MW), the UK — East Anglia Hub (3,100 MW), Germany (300 MW), Sweden (5,000 MW) and Japan (3,300 MW).

 Photovoltaic energy

The projected investment in solar photovoltaic energy will reach €4.2 bn in the run up to 2022 and €5.5 bn by 2025. This will drive growth of 6 GW and 8 GW respectively, to produce a total installed capacity of 15 GW by 2025. As of the close of 2019, the group has 1 GW operational, 2,700 MW under construction and 6,000 MW secured.

The main photovoltaic projects are: Francisco Pizarro, Ceclavín, Arenales, Puertollano and Campo Arañuelo (in Spain); Montague Solar, Lundhill, Mohawk and Bakeoven (USA); Cuyoaco (Mexico); Carland Cross Hybrid, Coldham Hybrid and Coal Clough Hybrid (UK); Algarve Setubal (Portugal); and Montalto di Castro (Italy).

 Onshore wind energy

Iberdrola plans to invest €6.1 bn between 2020 and 2022 and €5.9 bn from 2023 to 2025 in onshore wind energy. These investments represent an increase in installed capacity from the current 17 GW to 22 GW by 2022 (4.8 more) and 26 GW (4.2 more) by 2025. The company already has 2,200 MW under construction and 4,800 MW secured.

The main onshore wind projects are: Puylobo, ERPASA and Martín de la Jara (in Spain); Pier and Santiago (Mexico); Beinn and Tuirc 3 and Halsary (UK); Chafariz and Oitis (Brazil); La Joya I-II, Midland and Golden Hills (USA); Mikronoros and Askio II and III (Greece); and Rokani (Romania).

 Hydroelectric power and energy storage

In hydroelectric power, the installed capacity will increase from the current 13 GW to 14 GW at the end of the period, including traditional hydroelectric and energy storage through pumping technology.

The group will invest €1 bn up to 2022 and another €700 m by 2025 to increase its energy storage capacity, which will grow 1.7 GW in the run up to 2025, having increased by 1.2 GW by 2022.


Iberdrola has identified green hydrogen as a strategic vector for the industrial sector. Thus, in line with the European recovery plans, the company foresees the installation of 50 MW of this technology for 2022 and 600 MW for 2025, to become 800 MW by 2027. The company is already working alongside Fertiberia to develop Europe's largest green hydrogen plant for industrial use, which will be operational by 2021 and involve an investment of €150 m.

In addition to this first project there will be initiatives in other countries, while at the same time Iberdrola will lead in the development of a value chain to support the implementation of new electrolyser manufacturers and will promote alliances with other industrial groups. In this regard, the company has signed an agreement with the Norwegian company Nel, the largest manufacturer of electrolysers in the world, to develop large-scale electrolysers and promote the creation of a chain of suppliers of this technology in Spain. For this project, the utility has joined forces with Basque company Ingeteam to create Iberlyzer, a company that will become Spain's first mass manufacturer of electrolysers.

Iberdrola has also announced the creation of a new green hydrogen business unit to position itself as the world leader in this technology.

Green hydrogen may be seen as the solution for efficient decarbonisation in the medium term. 85 % of the current EU energy demand can be electrified using available clean technologies (according to Eurostat data). Meanwhile, the remaining 16 % could be decarbonised by replacing grey hydrogen — produced from polluting sources — with green hydrogen in the industrial and chemical sectors, as well as by using green hydrogen as a fuel for sectors that cannot use electricity, such as shipping, aviation and haulage. Replacing all the world's grey hydrogen would mean producing 3,000 TWh/year of extra renewable energy.


Based on the climate targets for its main markets, Iberdrola envisages a 10 year horizon in which its installed renewable capacity would rise to 95 GW, having multiplied its onshore wind and solar power by 2.5 and its offshore power by 4.5. Green hydrogen, for its part, would reach 85,000 tonnes, with 1,000 forecast for 2022 and 15,000 for 2025.

Iberdrola would thus become a carbon-neutral company in Europe by the end of the decade and would reduce its global CO2 emissions by 86 %, to 50g/kWh. The group, a world benchmark in the fight against climate change and in the energy transition process, has set itself the target of reaching carbon neutrality globally by 2050.