Iberdrola’s 2021 net profit increased by 8% from the previous year due to heavy investment in renewables.
Investments of €9.94 billion (£8.3bn) – with 90% attributed to renewable capacity – took the company’s net profit to €3.88 billion (£3.2bn).
The Spanish utility installed 3,500MW of renewable capacity in the last year, with capacity under construction at 7,800MW.
Spain and the US accounted for more than half this investment, with a total of €5.1 billion (£4.2bn) being spent in these two countries.
The company has also closed all its coal-fired plants, in its aim to become carbon-neutral by 2030.
Ignacio Galán, Chairman, said: “These results reflect the success of a sustainable model and encourage us to continue working towards the decarbonisation of the economy.”