The group recorded net profit of €2.516 billion for the January-September period, after investing €4.727 billion — a 29.7% increase year-on-year.
Roughly 87% of the investment total was spent in the company’s networks and renewables business unit, the company said.
Half of that total, equating to around €2.22 billion, was invested in new renewable capacity — more than 80% higher than in the same period of 2018.
Iberdrola said it would have 5.22GW of installed renewable energy capacity by the end of 2019.
Pre-tax earnings (Ebitda) in Iberdrola’s renewables business did fall 4.5% year-on-year to €1.67 billion due to lower hydroelectric production in Spain, the firm said. It was partly offset by increased offshore wind production in the UK and Germany.