Iberdola profits climb to €2.68bn in first nine months of 2020

The energy giant’s growth has been supported by an increase in installed renewable capacity

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The Spanish renewable energy giant Iberdrola reported a 4.7% net profit growth to €2.68 billion (£2.4bn) for the first nine months of the year.

The company attributes this growth to an increase in installed renewable capacity and the operational performance of its renewable business.

During the first nine months of 2020, Iberdrola also maintained an increased rate of investment, reaching €6.64 billion (£6bn), which is 23% more than the same period last year.

These investments allowed the firm to add 4,600MW in the last year, of which 1,300MW have been installed in the third quarter of 2020.

At the end of September 2020, the company added 14,000MW to its pipeline – approximately 90% of which is offshore wind, part of the business that already exceeds 70,000MW worldwide.

Ignacio Galán, Chairman of Iberdrola, said: “Despite the difficult environment in which we operate, the acceleration of our investments is opening up enable us to continue being a key driver of economic recovery and job creation while improving our financial results.”

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