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    Spain's Iberdrola sees 8.4% profit bump

Summary

The Spanish company reported that nearly all of its investments over the first six months of the year targetted new renewable energy capacity.

by: Daniel Graeber

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Complimentary, Natural Gas & LNG News, Europe, Energy Transition, Hydrogen, Renewables, Corporate, Financials, Companies, Europe, News By Country, Spain

Spain's Iberdrola sees 8.4% profit bump

Spanish clean energy company Iberdrola reported July 21 that overall investments increased 37% and adjusted net profit climbed 8.4% during the first six months of the year.

Iberdrola reported that investments during the first six months climbed 37% year-on-year to reach €5 billion ($5.9bn), while adjusted net profit climbed 8.4% to reach €1.84bn.

More than 90% of its investments targetted new renewable capacity and new renewable networks. Of that, more than half went to the US and Spanish markets.

Cash flow improved 8% to €4.24bn, while Ebitda grew 10.2% to €5.44bn.

“These results are the fruit of an unprecedented investment effort,” said Iberdrola chair Ignacio Galan. “In a period of great complexity, we have accelerated investment in grids, renewables and storage, promoting economic activity and helping to create quality jobs around the world.”

The Spanish company is a leader in wind energy developments, though the Financial Times and other outlets reported that it may be looking to shed that part of its portfolio.

Elsewhere, the company has embraced new opportunities from the energy transition. In May, it established a partnership with US power solutions provider Cummins to develop green hydrogen technology in Spain

The companies said they have already started examining potential sites for a new $60mn electrolyser plant, scalable to 1 GW/year. Operations could begin as soon as 2023.

That same month, it teamed with Japanese power equipment supplier Mitsubishi Power to advance green hydrogen projects in different regions around the world.