Iberdrola, the Spanish owner of Scottish Power, has announced that it will be increasing its investment in renewable technology, tripling its capacity by 2030.
Bolstered by a rise in annual net profit, Iberdrola noted that it will be investing 150 billion euros into its renewable energy network. That will see it triple its current capacity by 2030, with the aim of operating 95GW of clean power, while it will also double its network assets.
Last November, Iberdrola pledged to spend 75 billion euros between 2020 and 2025 in bolstering its network. It’s now committing to another 75 billion euros in the latter half of this decade.
The increased expenditure should help Iberdrola realise even more profits by 2030, with the company already seeing 3.61 billion euros of pure profit in 2020. That’s an increase of 10 million euros on estimates.
Iberdrola’s UK subsidiary, Scottish Power, is the first integrated energy company in the UK to generate 100% green electricity. The firm has 40 operational wind farms producing around 2,000 MW of electricity, with that set to grow even further with this increased expenditure.
Scottish Power has also committed to invest heavily in the UK’s renewable energy market, promising to spend £6 billion between 2018 and 2022. Not all of that will be spent on new renewable energy generation, however, with just 40% of the funding earmarked for new wind farms and clean power producers. A further 42% will be spent on smart grids, while 15% is set to be invested on innovative services and products for customers.