The Spanish energy group Iberdrola has launched a €75bn investment plan to 2025. Almost €35bn (51%) will go to renewables and €27bn (40%) to networks. Iberdrola intends to nearly double its renewable power capacity from 32 GW in 2019 to 60 GW in 2025, including 26 GW of onshore wind, 4 GW of offshore wind, 16 GW of solar, and 14 GW of hydro.

This renewable boost should reduce Iberdrola’s carbon factor by 86% by 2030 to 50gCO₂/kWh; the group will offset emissions by planting trees to become carbon neutral by 2030. Iberdrola plans to increase investments in Spain by 60% compared to the previous plan to €14.3bn (21% of the group’s total), with €7bn for renewables and €4.5bn for networks.

The United States and the United Kingdom will account for €34 bn in investment (50% of the total). In addition, Iberdrola aims to increase the number of contracts with customers worldwide to 60 million by 2025 and to install 600 MW of green hydrogen capacity by 2025 (800 MW by 2027 together with Fertiberia).