Iberdrola’s 4 GW Renewable Energy Plans For Australia

• Iberdrola's Australian renewable energy plans include expanding its total capacity here to 4 GW over the next few years
• It plans to invest between €2 billion to €3 billion to reach this capacity and is also seeing opportunities in green hydrogen, ammonia and green materials along with offshore wind and storage
• Iberdrola current has 1.062 GW of installed wind, solar and battery capacity with over 2 GW under development in Australia

Spanish energy group Iberdrola says it plans to invest between €2 to €3 billion to reach a renewable energy portfolio of 4 GW  in Australia over the coming years, which would be over and above €2 billion it has already spent in what is one of the utility company's 'key' markets.

Iberdrola's Chairman Ignacio Galán, during his trip to Australia, hailed Australia for its abundant wind and solar resources along with the pace of technological development giving it a 'privileged' position.

"We will lead and accelerate its transition to an economy with green energy at its epicentre, with the aim of increasing the amount of electricity generated with renewables, which now represents around a third of its generation," added Galán.

His company is also eying the opportunities in new sectors as green hydrogen, ammonia and green materials along with offshore wind and storage.

Iberdrola has been operating in the renewables space of Australia since 2020 when it acquired Infigen Energy, and has also acquired smart solutions business Autonomous Energy. It counts a 'mature' portfolio of over 2 GW development projects in the country while its installed capacity of wind, solar and batteries adds up to 1.062 GW.

In October 2021, Anglo-Australian multinational mining group BHP said it will enter into a renewable energy supply agreement with Iberdrola for its Olympic Dam Copper Mine in South Australia. Iberdrola will provide clean energy to the mine from its Port Augusta Renewable Energy Park (PAREP) project (see Iberdrola Power Supply Deal In Australia).