Iberdrola, the world’s third-biggest utility, has promised to invest €75bn over the next five years to double its renewable energy capacity and help it capitalise on the global move away from fossil fuels. The commitment by the Spanish group enlarges its previous plans to invest around €10bn in 2020 and succeeding years. Iberdrola and other companies, including Denmark’s Orsted and Italy’s Enel, are emerging as the “new energy majors” that are aiming to boost and benefit from the shift towards cleaner energy.
FT 5th Nov 2020 read more »
The Spanish electricity group that owns Scottish Power plans to invest €75 billion globally by 2025, doubling its renewable energy capacity. Iberdrola said that it would spend at least €34 billion on developing about 28 gigawatts of renewables, taking its capacity to 60 gigawatts by 2025. Onshore wind farms will comprise the biggest share, followed by solar, hydro-electric and offshore wind. It will also spend at least €27 billion on energy networks. In the UK, where Scottish Power operates power networks, renewables and a retail energy business, it plans to spend £10 billion by 2025. That includes more than £3.7 billion on developing 2.1 gigawatts of renewable capacity or enough to power over 1.5 million homes. Iberdrola’s spend beats the combined low-carbon plans of the six biggest European oil companies, including Royal Dutch Shell and BP.
Times 6th Nov 2020 read more »