The company will spend €34 billion between 2018 and 2022, it stated, an increase on the €32 billion investment plan it unveiled two years ago.
Of this total, €13.3 billion (39.1%) will be invested in renewables, up from the €11.5 billion (37%) originally planned.
It wants to commission 9.9GW of additional renewables capacity by the end of 2022 on top of the 29.1GW it had installed at the end of 2017, as well as 90GWh of storage capacity, up from 70GWh currently.
Last year – the first year of the investment period – Iberdrola spent €5.32 billion, of which €1.67 billion (31%) was on renewables.
Iberdrola will also invest €16 billion (47% of the total) in its networks division between 2018 and 2022, the company stated.
Ignacio Galán, Iberdrola’s CEO, said: "Through this plan we give a major boost to the irreversible transition towards a low-carbon energy model."
In Spain, it will invest €8 billion over the period, with €4.2 billion to be spent on renewables.
It plans to grow its wind and solar capacity three-fold to reach at least 10GW in operation by 2030. This includes an extra 2GW of wind and solar capacity in Extremadura, western Spain by 2022, the developer stated.
By the end of 2022, Iberdrola expects to have 3GW installed – up 51.9% from the end of 2018.
The company currently has 700MW of renewables under construction in Spain, 2.5GW under development and a project pipeline of more than 7GW.
Iberdrola has an offshore wind pipeline of more than 10GW in the US, the UK, Germany and France.
It will have more than 2GW of installed offshore capacity in 2022, the company stated.
By 2023, it will have €5.3 billion of capital in progress in renewable projects, with an unspecified majority of this in offshore wind, it added.
The wider Iberdrola group expects to have €9 billion of 'capital in progress' by the end of 2022, it stated. This will help it to guarantee long-term growth, the company added.
It expects net profits of between €3.7 billion and €3.9 billion in 2022. The higher end of this range would be up nearly 30% from 2018.
It also expects earnings before interest, taxation and depreciation and amortisation (Ebitda) of more than €12 billion, with the lower end of this expectation up just under 30% from 2018.
Iberdrola also stated that it expects a cash flow to net debt ratio of more than 24% by the end of 2022.
This would enable the company "to consider new projects in onshore and offshore wind, transmission and distribution", it stated.