By John Smith • Published: 06 Nov 2020 • 15:00
THE energy company Iberdrola has announced what it calls the “largest investment programme in the history of a Spanish company”, saying that it intends to invest €75 billion from now until 2025 in support of a green economic recovery.
The bulk of the new investment is expected to focus on renewables projects as well as upgrading networks hoping to almost double its electricity production over the next five years.
It hasn’t said where the funds will be coming from although company expects to increase its net profit to €5 billion in 2025, from €3.4 billion last year as a result of this growth.
90 per cent of this new investment – €68 billion – will be organic and will be aimed at consolidating its business model, based on more renewable energy, more networks, more storage and more intelligent solutions for its customers.
The balance of €7 billion corresponds to the recently announced acquisition of American company PNM Resources and this unprecedented rate of expenditure will represent an average investment of €10 billion per year between 2020 and 2022, and €13 billion per year in the period 2023-2025.
Investments and procurement of goods and services from its more than 22,000 suppliers will contribute to sustaining up to 500,000 jobs worldwide by 2025. Also, nearly 20,000 new recruits will join the group during the period
The company said it would increase investment in its home market of Spain by 60 per cent to nearly €14.3 billion with a further significant boost in the UK where it owns Scottish Power.
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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica. Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene. Currently he is acting as Editorial Consultant for the paper helping to shape its future development. Share your story with us by emailing newsdesk@euroweeklynews.com, by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews
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