Press releases
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27/12/2023Iberdrola USA workers restore supply in Maine after historic storm More than 1,500 teams of employees, including those from subsidiaries of Avangrid - Iberdrola's subsidiary in the United States - from Central Maine Power, New York Gas and Electric and United Illuminating, have worked in extreme conditions to restore electricity supply in the wake of the severe storm in the state of Maine. Millions of people in the United States have been affected by severe storms over the past week that have caused power outages in several states. One of the affected areas was the state of Maine, where Iberdrola's US subsidiary Avangrid operates. There, the historic storm affected more than 420,000 customers and left around 355,000 without power, knocked down more than 1,100 poles and damaged several transmission lines. In addition, many roads were blocked due to the effects of the storm, which has felled more than 3,000 trees. Avangrid workers worked around the clock alongside hundreds of crews in Maine who have been working around the clock in critical conditions to restore power to customers on Christmas Eve. Avangrid aims to be the leading sustainable energy company in the United States. Headquartered in Orange, Connecticut, with some $41 billion in assets, a workforce of 7,600 people and operations in 24 US states, Iberdrola's US subsidiary has two main business lines: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electricity and natural gas utilities serving more than 3.3 million customers. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. More information about this news can be found in the Avangrid Newsroom. READ MORE
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26/12/2023Iberdrola to install Spain's first hybrid hydroelectric and solar plant Iberdrola has obtained environmental approval for Spain's first hybrid photovoltaic and hydroelectric plant with the publication of the Environmental Impact Statement (EIS) in the Official State Gazette (BOE). HIDRO Cedillo, as the project is called, will have a capacity of 86.4 megawatts (MW) with more than 160,000 photovoltaic modules and a fixed structure, located in Extremadura, in the municipality of Cedillo. Hybridisation allows optimising the use of the grid and minimising the environmental impact of projects in the locations where they are located. By having two technologies capable of alternating, dependence on changing environmental conditions and limitations due to possible lack of resources such as wind or sunshine is significantly reduced, facilitating more stable and efficient renewable production. If you would like to read the full story, you can do so in the Iberdrola España's Communication Room. READ MORE
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21/12/2023Iberdrola signs its largest ever credit line for €5.3 billion with 33 banks Iberdrola continues to strengthen its liquidity position, confirming today that it has refinanced €5.3 billion by signing its largest ever credit facility. The agreement, signed with 33 international banks, also helps to consolidate its leadership in sustainable financing, with the conditions of the facility linked to of a series of ESG objectives. The operation has been completed at competitive rates, similar to those agreed by Iberdrola in 2019. The transaction was oversubscribed by more than 40%, demonstrating the banking world’s strong confidence in the strategy and solvency of Europe’s largest electricity utility by market capitalization, and the second largest in the world. Ignacio Galán, Executive Chairman of Iberdrola, said: "This credit line is yet another example of the financial community's strong confidence in our strategy, based on value creation through investment in the energy transition and financial discipline. The transaction also enhances our commitment to our ESG goals." With an initial duration of 5 years, the multi-currency credit facility has an option to extend for two additional years. The agreement strengthens Iberdrola’s commitment to maintain optimal liquidity, which stood at €20.2 billion at the end of the third quarter. The rates agreed as part of the credit facility are subject to the fulfilment of two strategic ESG objectives for the group. Firstly, the reduction of carbon equivalent emissions under scopes 1, 2 and 3. Including scope 3 emissions reduction, which is not typical in this type of transaction, highlights Iberdrola’s continuing leadership in energy decarbonisation. The second ESG objective focuses on increasing the percentage of women occupying relevant leadership positions in the company. The rates agreed for the credit facility can be adjusted up or down annually according to the delivery of objectives. In total, 96% of the Iberdrola’s credit lines are sustainability-focused, contributing towards the UN's Sustainable Development Goals (SDGs) . As well as contributing to goals 7 (clean and accessible energy) and 13 (fight against climate change), the new operation broadens Iberdrola’s objectives to also include goal 5 (gender equality and empowerment, empowerment of women and girls). BBVA acted as global coordinator and agent bank. The sustainability coordinators were BBVA, Santander and Credit Agricole. Global leader in sustainable and green financing Iberdrola has established itself as a global benchmark in sustainable finance. The company was the first Spanish group to issue green bonds in 2014 and is now the world's leading private issuer of green bonds. The group currently has almost €20 billion of outstanding green bonds. Iberdrola agreed its first green loan in 2016 for €500 million, before focusing its strategy for loans and credit lines to be aligned with sustainability objectives. This financial strategy (ESG + F) strengthens Iberdrola’s record €47 billion investment plan announced in November 2022, for the period 2023 through 2025. The plan aims to boost the decarbonisation of the economy and the move away from fossil fuels, with a strong commitment to smarter electricity grids and renewables. Iberdrola will update this plan in March 2024 at its next Capital Markets Day. READ MORE
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19/12/2023All wind turbines at Iberdrola’s Saint-Brieuc offshore wind farm in France have been installed Iberdrola has announced that turbine installation at the Saint-Brieuc wind farm in France has been completed. Norwegian company Fred Olsen's Brave Tern jack-up vessel installed the l ast 8 MW wind turbine at position SB49 on 17 December 2023. The ship has made 18 rotations from Le Havre, with the components of 3 to 4 wind turbines on board. Work to install the wind turbines began in May 2023. In the space of eight months, the 62 wind turbines built at Siemens Gamesa Renewable Energy's Le Havre plant were installed on their jacket foundation. Stéphane Alain Riou, Director of offshore wind Iberdrola France, said: "We are particularly proud of the work carried out by our teams within the schedule initially announced. Iberdrola once again demonstrates its ability to carry out a large-scale project here in Brittany, and at the same time confirms its status as a leader in offshore wind power. Saint-Brieuc is the first French offshore wind farm and the 4th in Europe developed and built by the group. In total, Iberdrola has offshore wind projects worth more than 10 billion euros under construction globally, all fully financed and with supply chain secured, and all being delivered on-schedule." Commissioning ongoing to reach a capacity of 496 Megawatts The technical commissioning of the wind farm started with the connection of the first wind turbine to the national electricity grid in July. It will be completed during Q1 2024. The commissioning of the wind farm is undertaken in phases. A first tranche of 20% is already operational. A second tranche of 50% will be completed in early 2024, rising to 100% in the first quarter of 2024. On completion, the wind farm will have an installed capacity of 496 MW, producing approximately 1,820 GWh/year, which corresponds to the annual electricity consumption of 835,000 inhabitants (including heating), or 9% of the total electricity consumption of Brittany. About Ailes Marines Winner of a national call for projects with the Baie de Saint-Brieuc offshore wind farm project, Ailes Marines oversees the development, construction, installation, and operation of the offshore wind farm. It is a French simplified joint-stock company (SAS), 100% owned by Iberdrola. Key figures for the Bay of Saint-Brieuc offshore wind project: * 75 km² of surface area * 62 Siemens Gamesa SG 8.0-167 DD wind turbines of 8 MW * 496 MW of installed capacity * 1,820 GWh/year of production, equivalent to the annual electricity consumption of 835,000 inhabitants (including heating) All information about the Saint-Brieuc offshore wind farm project developed by Ailes Marines is available on the website https://ailes-marines.bzh/ About Iberdrola Iberdrola, Europe’s largest electricity utility by market capitalization and one of the world's top two electricity companies, is a leader in renewables, spearheading the energy transition to a low carbon economy. T he group supplies energy to almost 100 million people in dozens of countries. With a focus on renewable energy, smart networks, storage, and smart solutions for customers, Iberdrola’s main markets include Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia. The company is also present in growth markets such as Japan, Taiwan, Ireland, Sweden and Poland, among others. The company has a workforce of over 41,500 and assets of approximately €146 billion. In 2022, Iberdrola posted revenues of nearly €54 billion, net profit of €4.34 billion, with €7.5 billion paid in tax contributions in the countries where it operates. The company helps to support more than 400,000 jobs in communities across its supply chain, and global supplier purchases topped €17.8 billion in 2022. A benchmark in the fight against climate change, Iberdrola has invested more than €150 billion over the past two decades to help build a sustainable energy model, based on sound environmental, social and governance (ESG) principles. READ MORE
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18/12/2023Ignacio Galán participates in the dedication ceremony of the Larraskitu corporate centre to José Ignacio Berroeta Ignacio Galán wished to pay a solemn tribute to the figure of José Ignacio Berroeta, former CEO of the Basque company and Chairman of BBK. The Executive Chairman of Iberdrola received the family of José Ignacio Berroeta, who died last September, at the Larraskitu headquarters in Bilbao, accompanied by the Lehendakari, Iñigo Urkullu; the Deputy General of Bizkaia, Elixabete Etxanobe; and other authorities. Among them, the Mayor of Bilbao, Juan Mª Aburto. During the remembrance ceremony, the widow of José Ignacio Berroeta, María José Aurrecoechea, accompanied by family members, unveiled a commemorative plaque inside Iberdrola's Larraskitu complex in Bilbao, and unveiled the new name of the Larraskitu Complex in Bilbao on the exterior of the main building. From now on, it will be known as the José Ignacio Berroeta Corporate Centre. Ignacio Galán referred to the honoree as a man of great truths in a few words. "His legacy will remain everlasting alongside the values of the land, which he embodied. From today he gives his name to this Iberdrola centre of technological excellence in Bilbao". Galán pointed out that "part of my professional life was linked to José Ignacio Berroeta, a decisive person in the financial sector and industrial fabric of the Basque Country". The Lehendakari, Iñigo Urkullu, closed the event by highlighting the figure of Berroeta: "his good practices and ways of doing things took him away from the noise and he transmitted calm in times of doubt and uncertainty" and added that, "thanks to people like him, today we can speak of a Basque business fabric that is more diversified and competitive, rooted and open to the outside world". For her part, María José Aurrecoechea, thanked the tribute and signed the Basque company's book of honour together with the Executive Chairman of Iberdrola and the rest of the Basque authorities. A man of vision and commitment to society José Ignacio Berroeta, who died on 16 September at the age of 84, had a renowned career as a banker from his first steps in the financial area of General Electric. He later joined Banco Vizcaya (1978) and then BBK (1990-2003). During this period, he worked intensively for the merger of the three savings banks in the Basque Country, although it finally materialised in 2011 through Kutxabank. Berroeta was a pioneer in solidarity banking, starting with his collaboration with Cáritas, granting microcredits to people with limited resources. Visionary in his decisions, he supported the financial rescue of the company CAF. He was also a director of Iberdrola, where he established a solid and close collaboration with Ignacio Galán, with whom he always had great complicity. Since 2003, he decided to devote himself entirely to his family life. READ MORE
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16/12/2023Iberdrola's solar community in Cedillo, Europe's best sustainability initiative Iberdrola's community solar project in Cedillo (Extremadura, western Spain) has won the award for best European initiative at SolarPower Europe's Solar Sustainability Award 2023, held in Brussels, which recognises the sector's best sustainability performers for their work in maximising the positive impact of solar energy on communities, the climate and the environment. The aim of the award is to highlight and share the industry's best practices in sustainability and thereby advance the industry as a leading sustainable energy technology and was open to any company that has undertaken noteworthy activities to improve sustainability through the use of solar energy. In the case of the solar community promoted by Iberdrola in Cedillo, the jury highlighted its status as a "visionary project" for setting up a self-consumption solar community in a village of 400 inhabitants, "which all the neighbours can join and benefit from savings of up to 50% on their bills". If you want to read the full story, you can do so in the Iberdrola España Communication Room. READ MORE
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15/12/2023Iberdrola, the world's leading private utility in terms of R&D investment Iberdrola has been recognised, for the second consecutive year, as the world's leading private utility in terms of investment in Innovation and Development, according to the European Commission in its report 'The 2023 Industrial R&D Investment Scoreboard' after allocating more than 360 million euros in 2022. The European Commission has analysed the 2,500 largest companies in the world and the 1,000 largest in Europe. The company chaired by Ignacio Galán considers innovation to be a strategic variable for the Group and the main tool for guaranteeing the company's sustainability, efficiency and competitiveness. Through the incorporation of new clean and efficient technological solutions, Iberdrola has become the driving force behind the energy model based on electrification. The company aims to exceed 4,000 million euros of investment in Innovation, Development and Research (R&D&I) activities by 2030. Thus, it will double its investment in this area by the end of the decade. These resources are intended to be used primarily for projects related to renewable energy , smart grids, digital transformation, green hydrogen and the development of customised solutions for our customers. The aim is to accelerate decarbonisation by addressing not only the climate crisis, but also by improving energy security, competitiveness and sustainable job creation throughout the value chain. Walking in innovation for the energy transition The company has spearheaded the development of solutions that drive decarbonisation such as smart grids, with initiatives such as the Global Smart Grids Innovation Hub . Located in Bilbao, the centre has become an international benchmark and will provide a response to the challenges of the energy transition. The centre acts as a driving force for innovation, combining the company's technological capacity with that of more than 80 collaborating entities and companies: suppliers, universities, technology centres and start-ups. It will also serve to attract strategic suppliers and international talent, thus strengthening the business ecosystem. The Hub has already identified more than 120 projects worth 130 million euros for the development of grid digitalisation solutions, integration of renewables, deployment of electric vehicles and energy storage systems. In the area of networks, it also continues to incorporate digitalisation and artificial intelligence systems in transmission and distribution infrastructures in order to further increase security and quality of supply. In renewables, it is worth highlighting the boost given in recent years to offshore wind energy , of which it already has assets in operation and under advanced construction in the United States, the United Kingdom, France and Germany. In addition, the company is opening the door to sites further offshore by enabling the deployment of wind turbines in larger and deeper offshore areas with greater wind potential. Iberdrola is also committed to pumped hydro technology, the most efficient and mature system for large-scale energy storage. Iberdrola's leading position in energy storage has been reinforced with the commissioning of the Támega gigabattery, one of the largest projects in Europe in the last 25 years. In addition, the company is leading the development of green hydrogen obtained from renewable sources, as well as its by-products such as ammonia and green methanol, to expand the frontiers of decarbonisation in sectors that are difficult to electrify. A new energy vector in which Iberdrola already has the largest plant for industrial use on our continent. New technologies are also being explored in the recycling and recovery of wind turbine blade waste, and in agrovoltaics, which is based on the combination of renewable energies with agricultural and livestock farming practices. In addition, the company is fostering a culture based on creativity. To this end, the Innovation and Training Campus , a 180,000 m2 complex with state-of-the-art facilities in San Agustín del Guadalix (Madrid), has become the company's global centre for knowledge, innovation and employability. With close to 13,000 people receiving training in its classrooms every year, it represents Iberdrola's commitment to technology, R&D, and collaboration with technology centres as levers to lead the energy transition, the green recovery of the economy and employment, and the employability of young people and senior professionals in sectors of the future. It has also continued to launch new competitive and intelligent products and services for customers, such as Big Data and Artificial Intelligence. Through self-consumption solutions, energy management, electric vehicles and heat pumps, Iberdrola enables customers to minimise the cost of their bills and their environmental impact while optimising comfort and maintaining control over their energy options and choices. READ MORE
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14/12/2023Influence Map places Iberdrola as the company with the greatest leadership at COP28 Iberdrola has been recognised as the company with the greatest leadership at the Dubai climate summit (COP28 ) by Influence Map, the most relevant independent global think tank in the field of analysing the influence of organisations on climate policies and their alignment with the Paris Agreement. The combination of an intense agenda and ambitious positioning have been crucial for the company, a leader in renewables, to achieve this position. It is worth noting that, during the annual climate summit, Iberdrola, together with Masdar, was one of the most important milestones of the global meeting. A strategic agreement to jointly invest up to 15 billion euros to be used in the development of new offshore wind and green hydrogen projects in Germany, the United Kingdom and the United States. The first step of this new alliance will be the UK's 1,400 megawatt (MW) East Anglia 3 offshore wind project, which is in the final stages of negotiation and could be signed by the end of the first quarter of 2024. In addition to signing this important agreement, Ignacio Galán, Iberdrola's chairman, has had an intense agenda marked by his participation in forums and bilateral meetings in which he has assured that the goal of tripling the installed renewable capacity between now and 2030 is feasible. This will require investments of 2.2 billion euros per year and regulatory stability, adequate financing and institutional commitment. Fatih Birol, Executive Director of the International Energy Agency, Kadri Simson, European Commissioner for Energy, Maroš Šefčovič, Vice-President of the European Commission, Ajay Banga, President of the World Bank and Alexandre Silveira, Minister of Mines and Energy of Brazil, are some of the world leaders with whom Galán discussed the need to accelerate the expansion of electrification through renewable energies in order to reduce dependence on fossil fuels. He also discussed with them the need to invest in grids, as nearly 80 million kilometres will need to be added or replaced over the next 20 years. The renewable energy company also organised five events with strategic allies. Particularly relevant was the event held with UNICEF, which focused on the role of young people in accelerating the energy transition, and the forum held with BirdLife, which showcased successful experiences on the positive impacts of an accelerated renewable transition on biodiversity. In addition to these meetings, Iberdrola also participated in 50 other events with key players in the energy transition and the climate agenda, such as the International Energy Agency, the Global Renewable Alliance, the World Economic Forum, the European Commission, the United Nations, and the Corporate Leaders Group. Iberdrola has also supported the goal of tripling renewable energy capacity by 2030, adhering to the #3xRenewables campaign and supporting the Open Letter for world leaders at COP28, as well as the progressive elimination of fossil fuels by supporting various campaigns such as #FossiltoClean or the Utilities for Net Zero alliance. The company's presence at the main milestones of the summit is aligned with Iberdrola's goal of accelerating the energy transition and climate action to ensure compliance with the Paris Agreement and truly sustainable economic and social development with a positive impact on nature. For all these reasons, Influence Map has highlighted the electricity company as the company with the greatest leadership, as a reflection of its hard work to build a business model based on renewable energies and green solutions. Iberdrola is the largest electricity company in Europe and one of the two largest in the world, serving a population of more than 100 million people worldwide. The company has 150 billion euros in total assets, 41,000 MW of renewable energies in operation and 1.2 million kilometres of networks around the world. READ MORE
