Spanish energy company Iberdrola has plans to invest €32 billion ($40 billion) between 2018–2022.
Approximately €15.5 billion ($19.1 billion) will be invested in networks, €11.5 billion ($14.2 billion) in renewables, €2.8 billion ($3.5 billion) in generation and retail, and €1.4 billion ($1.7 billion) will be allocated to contracted generation.
As a result of these investments, the business expects renewable capacity to increase by 24 percent from 2017 year-end to 36.2 gigawatts.
The firm will invest a fifth of the funding in the United Kingdom.
“Despite recent political and regulatory uncertainty, the United Kingdom remains a core investment destination for our company,” said Ignacio Galan, Iberdrola and ScottishPower chairman.
And approximately 38 percent of the funding will be in U.S. dollars, 25 percent in euros, and 18 percent in Brazilian reals.
Recently, Iberdrola completed the construction of its 350-megawatt Wikinger wind farm in the German Baltic Sea. In December 2017, the firm connected the €1.4 billion ($1.7 billion) offshore farm to a Germany-based power grid. The facility was built over the past 18 months in the Baltic Sea. Wikinger was Iberdrola’s first solo offshore project.