Iberdrola pledges investment for post-Covid recovery

Iberdrola CEO Ignacio Galán told shareholders at a virtual AGM that the developer is well-placed to ride through the Covid-19 pandemic, and that it is committed to investing heavily "to contribute to economic activity and prevent people's jobs being lost".

Galán and Martinez-Simancas address an empty conference room
Galán and Martinez-Simancas address an empty conference room

The AGM was held remotely, with attendees tuning in from around the world. Galán said he expects the company to exceed its 2019 investment total of €8.15 billion and reach €10 billion for the year.

"We share with you the certainty that speeding up investments, once these exceptional circumstances come to an end, is the best — I would venture to say the only — way to get through this situation of crisis and uncertainty," Galán said.

The company is planning to commission over 4.5GW of new wind capacity this year.

Iberdrola CEO Ignacio Galán and secretary-general Julián Martínez-Simancas kept their distance at the AGM

It also committed to supporting its supply chain with an "ambitious procurement plan" for the year, which "will give visibility to the entire supply chain while promoting economic activity and jobs.

"In the last few days we've brought forward over €3.8 billion in orders to thousands of suppliers, with purchases in progress for delivery by 2023 standing at more than €20 billion," Galán said.

Iberdrola is also looking to increase its workforce to 40,000 by employing 5,000 new recruits this year – an increase on the 3,500 added in 2019.

Covid-19 response

Around 90% of Iberdrola office staff are now working from home. It implemented 107 measures to protect its employees and the public.

Iberdrola has also worked with local authorities to acquire at least €25 million worth of medical and protective supplies, including ventilators, for Spain's healthcare system.

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