Monday 12 September 2022

Iberdrola to invest $4.4bn in renewable energy in Australia

Iberdrola has earmarked AUD$4.4 billion (£2.59bn) of investment for renewable energy development projects in Australia.

It currently has a pipeline of more than 2GW of onshore wind and solar development projects and recently established a networks business in the country.

That includes the 1,000MW Mount James wind farm and the 360MW Broadsound solar plant bring developed in Queensland.

Iberdrola also expanded its role in the Australian market with the acquisition of renewable utility Infigen Energy in 2020 and smart solutions business Autonomous Energy, which offers tailored energy products for commercial and industrial companies, this year.

It is also exploring a range of green hydrogen investments and is looking to bring its capital and experience to the emerging offshore wind industry in the country.

Iberdrola Chairman and CEO Ignacio Galán said: “The full ratification of Australia’s decarbonisation targets will align Federal policies with the ambitions already shown by most States and the commitment shown by Australian companies and wider society. The country’s huge renewable potential and its tradition of clear and stable policy frameworks creates the opportunity for Australia to establish itself as a leading global powerhouse in the energy transition and consolidate its reputation as one of the largest global energy exporters by realising its massive potential to produce green hydrogen.

“Iberdrola is also ready to invest and contribute its resources and skills to help unlock the new jobs and economic opportunities that a greener and smarter energy system will deliver for Australia.”