Spain's Iberdrola to add 9 GW of generating capacity in next two years

27/02/2020 09:20 Renewable

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Spain's Iberdrola said Wednesday it intends to continue its renewable capacity surge over the next two years as it increases its capital expenditure to record levels following the successful sale of assets ahead of schedule.

The company plans to bring online 4 GW of new generating capacity in 2020 and 5 GW in 2021 towards a total of 13 GW by 2022, building on 5.5 GW installed in 2019. This compares with an average of 1 GW in recent years, CEO Ignacio Sanchez Galan said.

 

The company said it will hike investment to Eur10 billion ($10.9 billion) in 2020, up from Eur8.2 billion in 2019, and 40% higher than the average of the last three years, he said.

 

This followed the early raising of capital from asset sales, including the disposal of the company's 8% stake in wind turbine group Siemens Gamesa last month for Eur1.1 billion, which took overall disposals to Eur4.6 billion -- ahead of its target of Eur3.5 billion by 2022.

 

The company was also been successful with green financing last year, leading the world in the placement of private green bonds, with Eur4 billion issued in 2019.

Source: spglobal.com

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