Iberdrola SA has raised its current investment plan (2024-28) from EUR 41 billion to EUR 58 billion ($68.16 billion), with the United Kingdom allotted the biggest chunk at EUR 20 billion.
“This plan aims to transform Iberdrola’s profile into a more regulated company, with networks as a vector for growth”, executive chair Ignacio Galan said in an online statement.
“We will invest EUR 58 billion by 2028, two-thirds of which will go to transmission and distribution networks, mainly in the United Kingdom and the United States.
“We expect to achieve a net profit of EUR 7.6 billion in 2028, with around EUR 20 billion allocated to dividends between 2024 and 2028.
“During this period, we will add more than 15,000 people to our workforce, make purchases of more than EUR 65 billion to thousands of suppliers – supporting 500,000 jobs, our tax contribution will exceed EUR 40 billion, and we will invest EUR 1,600 bn in R&D&I, while also achieving carbon neutrality by 2030”.
Sixty-five percent of the total investment will go to regulated networks. Thanks to regulated networks, “75 percent of EBITDA by 2028 will not depend on energy prices”, the Spanish power and gas utility said.
Distribution has been earmarked EUR 25 billion. Transmission gets EUR 12 billion, 95 percent of which is meant for the UK and the U.S.
“Generation and customers” get EUR 21 billion, 75 percent of which comprises projects under construction. Of the EUR 21 billion, 38 percent is for offshore wind, 24 percent for onshore wind, 10 percent for solar and 10 percent for storage.
Geographically, the U.S. gets the second-largest chunk after the UK at EUR 16 billion. Iberia gets EUR 9 billion and Brazil EUR 7 billion. Other European Union markets and Australia get a total of EUR 5 billion.
Eighty-five percent of total investments are meant for “A-rated countries with stable, predictable and attractive regulatory frameworks”, Iberdrola said.
It has made divestments as part of its campaign to refocus investment on key markets.
In the latest such transaction, Iberdrola said September 18 it had entered an agreement to sell its Hungarian business for EUR 171.2 million, giving up 158 megawatts of operational wind generation capacity.
Earlier this month Iberdrola said it had completed the sale of its smart metering unit in the UK to Macquarie Group Ltd. for about GBP 900 million ($1.06 billion).
SP Smart Meter Assets Ltd, under Iberdrola’s UK subsidiary Scottish Power Ltd, had around 2.9 million meters deployed in the UK, Iberdrola said in a statement September 9.
To contact the author, email jov.onsat@rigzone.com
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