Iberdrola will continue to invest in offshore wind energy

Iberdrola will continue to invest in offshore wind energy
Europe’s largest power utility, Iberdrola , will continue to bet on offshore wind in the coming years, increasing the value of its assets in the sector to about 17 billion euros ($18 billion), its executive chairman, Ignacio Sánchez Galán, told shareholders on Friday.

In the past two years, the Spanish company has focused on modernizing and expanding electricity grids and has taken a more selective approach to renewables.

Offshore wind will take more than 50% of the planned €15.5 billion investment in renewables through 2026, according to a new plan presented in March.

The company is building projects in the United States, the United Kingdom, France and Germany.

Once completed, that will be €17 billion of assets in this sector, which also have guaranteed revenues, Galán said, since production is already sold under long-term contract.

The president of the Spanish firm assured that its commitment to offshore wind will continue.

(Information by Pietro Lombardi, edited by Inti Landauro and Kirsten Donovan; edited in Spanish by Mireia Merino)