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Iberdrola to invest in renewables and networks

Iberdrola, Nike, renewable energy, public utility, sportswear, Avangrid, wind power, power generation

Spanish public utility giant Iberdrola is reported to invest US$39.42bn by 2022.

Iberdrola Chairman Ignacio Galan, told CNBC, “We are the largest producer of wind worldwide, so we are expecting to increase our total power generation capacity by 7,000 megawatts. The US would be the main driver of this growth.”

Of the investment, US$19.04bn will be invested in networks, US$14.13bn in renewables and US$3.44bn in generation and retail. The remaining US$1.7bn will be used for contracted generation.

As part of the Iberdrola Group, Avangrid Renewables signed a major wind power contract with leading sportswear brand Nike for the second time this year. The company’s earnings for last year estimated a net profit of US$3,445bn.

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