Spanish utility Iberdrola has reported that it has expanded its portfolio of renewable energy in Spain by 35% during the pandemic as the company seeks to accelerate the energy transition to mitigate climate change as well as to align operations with changing business models and regulations.
The utility announced that it has commissioned 2,000MW of new wind and solar energy capacity during the pandemic in Spain.
The expansion of the utility’s portfolio is a result of the €2.3 billion ($2.5 billion) in investments that Iberdrola has made since 2019, according to a statement.
Growing its clean energy capacity will also enable Iberdrola to meet increasing consumer demand for green services and affordable electricity.
Of the new capacity Iberdrola has added, 76% are solar energy projects including the 500MWdc Núñez de Balboa plant in Extremadura which will power 250,000 households, a 328MWdc in Ceclavin and 150MWdc plant in Arenales.
Iberdrola claims it has worked with local suppliers to boost the local economy and job creation in the areas its new renewable energy projects are located. For instance, the utility says it was supplied transformers for the projects by local firm FARAMAX in Extremadura and by ABB in Cordoba.
The commissioned projects are part of Iberdrola’s €150 billion ($169 billion) investment strategy which aims to expand the company’s renewables capacity by three times over the next decade.
The strategy will pave way for Iberdrola to invest €14.3 billion ($16.1 billion) to expand its portfolio in Spain through 2025.
The projects which Iberdrola is currently developing in Spain using the allocated budget include the Pizarro PV plant, which the company says will be the largest solar project in Europe.
The 590MW plant will provide electricity to 334,000 homes and avoid the emissions of 150,000 tonnes, according to a statement.
Today, Iberdrola has over 17,400MW of renewables capacity in Spain and plans to have 25,000MW by 2025.
