According to the review of Strategic Perspectives 2018-2022, launched in February, in London, renewables are still among the group’s mainstays, with 39% of a total €34,000 million investment will be allocated to this business area. Within renewables, the company is investing heavily in offshore wind generation.
RENEWABLE ENERGY PROJECTS
Offshore wind generation, one of Iberdrola group's major strategies
According to the review of Strategic Perspectives 2018-2022, launched in February, in London, renewables are still among the group's mainstays, with 39% of a total €34,000 million investment will be allocated to this business area. Within renewables, the company is investing heavily in offshore wind generation.
IBERDROLA GROUP, WITH THE WIND AT ITS BACK
Almost 20 years ago, Iberdrola made a commitment to onshore wind energy, making it a pioneer in this technology. It is now committed to leading the development of the most promising current renewable energy, offshore wind energy.
In order to achieve this objective, the company is focusing on three main areas: the North Sea, the Baltic Sea and the United States.
Iberdrola group currently operates two offshore wind farms. These are the West of Duddon Sands wind farm, commissioned in 2014 in the North Sea, the first such plant to be promoted by a Spanish company; and the Wikinger wind farm, in the German waters of the Baltic Sea, which has been operational since December 2017.
In addition to this, with a project portfolio including plans for more than 12,000 MW of capacity, Iberdrola will be consolidating its pioneering and decisive commitment to offshore wind energy over the coming years.
Projects in the United States will be implemented via the Avangrid1 subsidiary, where the group already has offshore wind farms under construction to produce up to 7,300 MW. The company is in the process of building the biggest offshore wind farm, known as Vineyard Wind, just off the coast of Massachusetts, which will produce 800 MW of power to supply the energy needs of a million homes. Looking ahead to 2027, this Iberdrola subsidiary is looking into a further three major offshore wind farm projects: an additional 2,000 MW in phase one of Vineyard Wind, a further 2,000 MW in phase two of Vineyard Wind, and roughly 2,500 MW more in Kitty Hawk (North Carolina).
In the United Kingdom, Iberdrola's ScottishPower subsidiary is busy with construction work on East Anglia One, another of its major offshore wind farm projects. With a planned capacity of 714 MW, the finished facility will be the biggest offshore wind farm in the world, covering an area of 300 km2. But East Anglia ONE is only the tip of the iceberg for an even more ambitious project: the East Anglia Hub, which will comprise East Anglia ONE North (208 km2 / 800 MW), East Anglia TWO (218.4 km2 / 900 MW) and East Anglia THREE (305 km2 / 1,400 MW).
Finally, the Iberdrola Group has obtained contracts for two new wind farms in the Baltic Sea: Baltic Eagle and Wikinger Süd, with a joint capacity of 486 MW. Added to these facilities is the Saint Brieuc wind farm in the bay it is named after, in the region of Brittany. The farm is expected to be up and running some time in 2023, with a total installed power of 496 MW.
Iberdrola group's existing and future wind farms.#RRSS
RENEWABLE ENERGIES, AT THE HEART OF IBERDROLA'S MOTOR
But Iberdrola is not restricting itself to wind energy. It also aspires to continue enhancing its global leadership in the renewable energies sector over the coming years, already having — at the end of the third quarter of this year — over 30,900 MW of installed capacity. According to its 2018-2022 Strategic Perspectives [PDF], the Group will dedicate 39% of its overall investment to its renewables business over this period: €13.3 billion.
Iberdrola is playing a leading role in the renewable energy sector in its five core countries:
United States: with 7,450 MW of installed renewable capacity (7,203 MW of onshore wind, 129 MW of solar and 118 MW of hydroelectric capacity). Through its listed subsidiary Avangrid1, Iberdrola has become the third largest wind-power operator in the country, accounting for 43% of the Group's global installed capacity for this technology. During the first nine months of 2019, Iberdrola invested 1.105 billion euros in the renewable energy business in the United States and plans to bring 990 MW of new wind energy capacity on stream this year.
Spain: Iberdrola is the leader in wind energy (5,793 MW of operating capacity) and renewable energy (16,027 MW) in Spain. The company has announced that it will have an additional 3,000 MW of renewable capacity (wind and solar) in Spain by 2022, which will increase to 10,000 MW by 2030.
United Kingdom: Iberdrola is also the leader in wind energy in the United Kingdom, through its ScottishPower subsidiary — the first of the UK's big six to be 100% renewable — with 2,296 MW of renewable capacity (1,906 MW of onshore wind energy and 390 MW of offshore wind energy). The company is currently involved in a number of offshore projects in the East Anglia region.
Brazil: Neoenergia2, the subsidiary through which Iberdrola operates in Brazil, has just announced the development of its largest onshore wind complex, Oitis. This comprises 12 wind farms with a total installed capacity of 566.5 MW. The project is located in the Piau and Bahia states in the north east of the country and is expected to come on stream in mid-2022. Iberdrola has 3,424 MW of renewable capacity in Brazil: 2,908 MW hydroelectric and 516 wind energy.
Mexico: Iberdrola has 743 MW (473 MW wind and 270 MW solar) of renewable energy capacity in Mexico. This will be increased significantly (by almost 45%) when two projects currently under construction come on stream: Pier (221 MW) in Puebla and Santiago Eólico (105 MW) in the state of San Luis de Potosí.
1 Avangrid, Inc. is 81.5% owned by Iberdrola S. A.
2 Neoenergia, S. A. is 50% + 1 share indirectly owned by Iberdrola, S. A.