The Spanish company Iberdrola continues to strengthen its positions in the global market for renewable energy sources. The energy giant from Bilbao, through the new projects, confirms its important role in the energy transition, not only in the European Union but on a global level. Earlier this month, Ibedrola increased its wind and solar portfolio in Poland by signing an agreement with Augusta Energy.
This contract envisages two wind farms with a combined capacity of 50 MW and six solar photovoltaic plants with an installed capacity of 48 MW. With the energy obtained from these projects of renewable energy sources, the telecommunications company T-mobile will be supplied with green-clean energy. In that way, both the company and Iberdrola will improve its CO2 footprint, and of course, through these positions, the portfolio and profit will increase in the next period. With this agreement of Iberdrola in Poland, the company will increase its capacities in green energy in this country by 261 MW.
The example of Iberdrola is really interesting because this energy giant has taken radical steps, thereby influencing the development of the renewable energy sector in the Union, but also in global markets more broadly. The group is a pioneer in the energy transition in terms of several parameters. Iberdrola was the first to issue green bonds in 2014, and two years later the company took the first green loan, in the amount of 500 million euros. In the first quarter of 2022, the company has green bonds worth 16 billion euros.
The agreement to increase investments in projects from renewable energy sources in Poland was preceded by another investment step of Iberdrola with business as well as social significance. The group concluded an agreement with the European Investment Bank for the construction of 1,800 MW of green energy in Spain, equivalent to the consumption of one million households per year. It is about windmills and solar power plants that will be located in rural areas of the country, using natural resources to obtain green energy. Spain is one of the countries with the best conditions for producing solar energy from the sun, as the country has over 300 sunny days per year. But in addition to the natural potential, this loan, in the amount of 550 million euros, is important because it will enable clean energy in rural areas, and through the realization of the projects, over 2000 new jobs will be created.
It is definitely a project with multiple significance for both the European Investment Bank and Iberdrola, but also for accelerating the energy transition in the EU. The total investments of Iberdrola in the first quarter of 2022 alone amounted to almost 5 billion euros, and 90% of them were directed to green projects. Compared to the same period last year, the group’s total investments increased by 5% despite the energy and political crisis.
An additional 3400 MW of green energy has been installed since mid-2021. Outside of Spain, the group’s green energy capacity increased by nearly 41 GW. As a result of the growth of the markets in the USA and Brazil, the group increased its profit in the first quarter by 36%, according to the group’s announcements, the profit is expected to be around 4.2 billion euros, and according to the announcements, investments in green energy will continue to reduce dependence on fossil fuels.