Sharp Increase in Renewable Investments Post COVID-19: Iberdrola CEO

Iberdrola CEO Ignacio Galán has announced that the firm will speed up its renewable investments as soon as it is deemed safe to do so.

Iberdrola CEO Ignacio Galán, while addressing the firms’ 600,000 shareholders in the recently held fully remote Annual General Meeting, has announced that in view of the current situation with the COVID-19 pandemic, the firm will speed up its renewable investments as soon as it is deemed safe to do so.

Galán said, “as soon as possible we will speed up our investments in order to contribute to economic activity and prevent people’s jobs from being lost. Of course, the most appropriate health and safety measures will be applied to all those who deliver these projects.”

He went on to say “we share with you the certainty that speeding up investments, once these exceptional circumstances come to an end, is the best – I would venture to say the only – way to get through this situation of crisis and uncertainty. Therefore, in 2020, it is our intention to surpass last year’s investment record and reach EUR 10 billion.”

As a result of this effort, at least half of the 9,000 megawatts (MW) of the firms’ new capacity currently under construction will be commissioned this year. With the firm advancing on 30 photovoltaic solar plants, 50 onshore wind farms, new offshore wind farms such as Saint Brieuc in France, Baltic Eagle in Germany and Vineyard in the US, and the Tâmega pumped storage hydroelectric Giga battery in Portugal. Additionally, more than 5,000 kilometres of high voltage transmission lines in Brazil and new distribution networks in the states of New York, Maine and Connecticut are also being advanced.

Together with the new investments, Ignacio Galán also announced an ambitious procurement plan which will give visibility to the entire supply chain while promoting economic activity and jobs “In the last few days we’ve brought forward over EUR 3.8 billion in orders to thousands of suppliers, with purchases in progress for delivery by 2023 standing at more than EUR 20 billion.”

Galán also highlighted the company’s firm commitment to caring for the environment and fighting climate change: “Our CO2 emissions are now 110 grams per kWh, two-thirds lower than our competitors, and already below the objective that some of them are setting for 2030.”