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    Iberdrola announces investments of 2 to 3 billion euros in Australia


    September 6, 2022 - CE Noticias Financieras

     

      Iberdrola's top executive, on a trip to Australia, plans to hold meetings with several leaders in energy policy and also plans to visit several of the renewable projects that the company is carrying out in the region. So far, the company's chairman has already met with the Premier of the State of Victoria, Daniel Andrews, and with the Minister for Energy, Environment, Climate Action and Solar Housing, Lilly D'Ambrosio. He also met with employees of the Melbourne office.

      José Ignacio Sánchez Galán, Chairman of Iberdrola: "With these investments, Australia is consolidating its position as one of Iberdrola's key markets. The country's abundant wind and solar resources, as well as the pace of technological development, place this region in a privileged position. We will lead and accelerate its transition to an economy with green energy at its epicenter, with the goal of raising electricity generated from renewables, which now accounts for around a third of its generation."

      The company sees Australia as a growth market for renewable energy, a market where, in addition to the existing "huge portfolio of renewable energy and storage projects", there is "strong residential demand for solar and battery technology". Iberdrola has also identified - Europa Press reports - the challenges facing the energy transition in Australia: "updating the transmission and distribution network and reducing the cost of storage technologies".

      Along these lines, the company also highlights that opportunities are emerging for the economy in Australia as the country "embraces new sectors" such as green hydrogen, ammonia and green materials, as well as opportunities for innovation in offshore wind and storage.

      Iberdrola has been betting on the Australian energy market since 2020 with the acquisition of Infigen Energy, Australia's leading renewable energy company.

      In addition, in recent months it has acquired the rights to the world's largest wind farm at Mount James, with 1,000 megawatts (MW), the 360-megawatt Broadsound photovoltaic power station, and invested in a smart solutions business, Autonomous Energy, which offers tailored energy products for commercial and industrial companies.

      "With these investments, Iberdrola has a mature portfolio of more than two gigawatts of projects under development that will facilitate the consolidation of renewable energy as the main vector of the energy transition," the company stressed.

      To date, Iberdrola has installed 1,062 MW of renewables (wind, solar and batteries) in Australia and is building two new facilities with a combined capacity of 391 MW scheduled for commissioning in 2023.

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