Iberdrola has announced plans to double its operating renewables to a total of 60GW by 2025 under a new €34 billion (£30bn) investment plan.
The plan will boost offshore wind to reach 4GW total capacity at the end of 2025 and will also allow the company to grow its solar photovoltaic portfolio, with a forecast of 16GW installed at the end of the same period.
It will also reinforce its onshore wind and hydroelectric capacity with 26GW and 14GW installed in 2025, respectively.
The firm also plans to install 600MW green hydrogen capacity by 2025 and produce 15,000 tonnes of renewable hydrogen.
Investments amounting to €14.35 billion (£12.9bn) will be allocated to Spain while the US and the UK will be the countries that will benefit from a €34 billion (£30bn) investment.
Ignacio Galán, Chairman of Iberdrola, said: “After 20 years of anticipating the energy transition, our business model positions us as a key agent in the transformation of the industrial fabric.”