Iberdrola to invest up to EUR 3bn on renewables in Australia

• Iberdrola SA (BME: IBE) has actually pledged to spend up to EUR 3 billion (USD 2.99 bn) to expand its renewable energy capacity in Australia, the business announced on Monday.

The Spanish energy has more than 2,000 MW of projects in the portfolio, and also anticipates to reach 4,000 MW in the coming years, it stated as Iberdrola chairman Ignacio Galan starts its three-day check out to Australia.

Iberdrola first arrived in Australia in 2020 to take over domestic renewables business Infigen Energy. Since then, the energy team acquired Australian eco-friendly energy as well as behind-the-meter solutions supplier Autonomous Energy as well as enhanced the neighborhood portfolio with a variety of large-scale wind and solar projects, amongst them the 1-GW Mount James wind power growth and the 317-MW Port Augusta wind as well as solar hybrid.

Today, Iberdrola has 1,062 MW of wind, solar as well as batteries set up in Australia, with strategies to commission 391 MW in 2023.

Previously this year, the team set up the electricity networks organization in the nation.