Spain

Spain

Iberdrola's profits boosted by new capacity

Increases in wind power capacity and production boosted profits for Iberdrola's renewables business in 2018, according to the developer's full-year results.

Iberdrola finished installing its 350MW Wikinger project (above) in 2017, but did not fully commission it until last year
Iberdrola finished installing its 350MW Wikinger project (above) in 2017, but did not fully commission it until last year

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Iberdrola recorded earnings before interest, taxation, depreciation and amortisaton (Ebitda) of €2.44 billion in its renewables segment last year, up 39.3% from 2017.

Revenues in its renewables unit were also up year on year, increasing 28% to €4.04 billion in 2018.

The developer stated that Ebitda increased due to capacity and production increases, including from wind farms in the UK, the US and the German Baltic Sea.

Its onshore wind farms produced 36,605GWh in 2018, up 8% year on year, while offshore wind generation doubled to 1,642GWh.

Iberdrola’s onshore wind fleet grew 0.9% to 15,671MW installed worldwide, while its offshore wind assets remained flat at 544MW.

However, the 350MW Wikinger wind farm off the German coast contributed to the total capacity figure for 2017 when installation was completed, but it was not fully operational until the first quarter of last year, and so boosted production figures for 2018.

Overall, Iberdrola’s installed capacity decreased 2.1% year on year to 47,448MW, with losses of hydropower and gas combine cycle capacity.

Worldwide, the company has 1,514MW of offshore wind and 2,548MW of onshore wind under construction.

Investment

Iberdrola invested €1.67 billion in its renewables business last year, 31.4% of its total spending in 2018, and up 31.5% from 2017.

This figure includes €398.2 million in the UK, most of which was in East Anglia One wind farm.

When the company announced its full-year results for 2017, it pledged to invest €32 billion between 2018 and 2022, including €11.5 billion (37%) on renewables.

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