Investors - SEPTEMBER 9, 2022

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Iberdrola to invest up to €3b in Australian renewables

by Kali Persall

Spain’s Iberdrola has committed to a major investment of between €2 billion and €3 billion ($2 billion to $3 billion) boost renewable generation in Australia, with the aim of reaching 4,000 megawatts in the coming years. Iberdrola has already invested €2 billion ($2 billion) in the country.

“With these investments, Australia is consolidating its position as one of Iberdrola's key markets,” said Ignacio Galán, chairman of Iberdrola. “The country's abundant wind and solar resources, as well as the pace of technological development, place this region in a privileged position. We will lead and accelerate its transition to an economy with green energy at its epicenter, with the aim of increasing the amount of electricity generated with renewables, which now represents around a third of its generation.”

Iberdrola said the electricity market in Australia is undergoing a profound transformation from a centralized generation system based on large fossil-fuel fa

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