By technology, the leading source continues to be onshore wind, exceeding the 20 000 MW threshold for the first time after installing 750 MW in 2022, with the Oitis onshore wind complex in Brazil standing out. This project, comprising 12 wind farms, will have total installed capacity of 566.5 MW, making it the company’s largest onshore wind project in Latin America and its second largest globally. The company also commissioned the 200 MW Golden Hills wind farm in Sherman County, Oregon, the US.

Photovoltaic (PV) energy has also experienced a remarkable expansion with the installation of 1204 MW in 2022, bringing total operating capacity to 4264 MW. This strong momentum has seen the commissioning of the 553 MW Francisco Pizarro PV plant in Cáceres (Extremadura), which supplies clean energy to 334 400 homes. Elsewhere, highlights include the construction of the 193 MW Lund Hill PV plant, the largest solar project in the state of Washington, the US, and the 149 MW Luzia PV plant in Brazil, the group’s first solar project in that country.

Of the company’s entire renewable assets, Spain accounts for nearly 50%, with approximately 19 800 MW ‘green’ installed, helping to position the Iberian country as one of the most important renewable energy players in Europe. Additionally, the company operates 8702 MW green capacity in the US, mostly wind; 4568 MW in Brazil, and more than 3000 MW in the UK. The rest of the countries account for 3890 MW of the group’s renewable capacity.

More clean energy production

Renewable energy production stood at 74 525 GWh in 2022, thanks to new installed capacity and the positive performance of onshore wind power, which compensated for the shortage of rainfall. In fact, onshore wind production increased by 9.3% to 45 195 GWh. Solar PV also made a significant contribution to the energy mix, reaching approximately 4000 GWh in 2022, due to new plants coming on stream.

Iberdrola’s renewable production in the period has displaced electricity generation with fossil fuels to extent of some 13 000 million m³ of natural gas.

Continued investment in renewable energy sources has allowed Iberdrola to bolster its emissions reduction strategy. By the end of 2022, 80% of the company’s installed capacity was emission-free.

Commitment to energy self-sufficiency

As part of its commitment to continue contributing to energy self-sufficiency and decarbonisation in the countries where it operates, the company announced at its Capital Markets Day a renewable capacity target of 52 000 MW by 2025 and plans to install 12 100 MW new green facilities, of which 3100 MW will be onshore wind, 6300 MW solar PV, 1800 MW offshore wind, 700 MW batteries, and 200 MW hydro. The group has already secured 50% of the new capacity and approximately 95% of the production will be contracted by 2025.

By 2030, the outlook presented at the Capital Markets Day anticipates a ‘green’ generation capacity of 80 000 MW, with a total portfolio of 100 000 MW.

To achieve these figures, the company has committed to invest €17 billion between 2023 – 2025, in high quality projects with the best risk/return ratio. Of this amount, 46% will be focused on offshore wind in France, Germany, the UK, and the US. In the remaining technologies, onshore wind will account for 25% of investment, PV 24%, hydro 2%, and batteries 3%.