The Spanish electricity group that owns Scottish Power plans to invest €75 billion globally by 2025, doubling its renewable energy capacity.
Iberdrola said that it would spend at least €34 billion on developing about 28 gigawatts of renewables, taking its capacity to 60 gigawatts by 2025.
Onshore wind farms will comprise the biggest share, followed by solar, hydro-electric and offshore wind. It will also spend at least €27 billion on energy networks.
In the UK, where Scottish Power operates power networks, renewables and a retail energy business, it plans to spend £10 billion by 2025. That includes more than £3.7 billion on developing 2.1 gigawatts of renewable capacity or enough to power over 1.5 million homes.
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