Iberdrola will definitely open the doors to a new international market with its landing in Australia where it plans to build a hybrid solar and wind power project that will have a capacity of 320 megawatts (Mw), whose investment will amount to about 500 million Australian dollars (about 310 million euros).
The installation, consisting of a wind farm and a photovoltaic plant at the same time, will be carried out in the State of South Australia and is expected to be operational in 2021. The group chaired by Ignacio Sánchez Galán, which until now had focused its expansion in markets in Europe, the United States, Mexico and Brazil, it makes the leap to a new territory such as Australia, a country in which other Spanish companies in the wind energy sector are already present.
Iberdrola already has a portfolio of renewable projects in that country that amounts to some 650 MW of power, both wind power and solar installations, in the states of Queensland and South Australia. “We have spent several years studying the opportunities in Australia, and now we have a healthy initial portfolio of some 650 megawatts of wind and solar projects that we would like to develop,” explains the director of Renewables of the Iberdrola Group, Xabier Viteri, who points out that the Energy is also working closely with a variety of companies and suppliers in the country to carry out their plans.
At the end of the third quarter of this year, with more than 30,900 renewable megawatts of installed capacity in the world. The group expects investments of 34,000 million euros until 2022 to boost the transition to an energy model with low carbon emissions. Until last September, the company had generated a net profit of 2,517 million euros, 20% more than in the same period of 2018.