Nearly twenty years after pioneering the move into onshore wind, Iberdrola now continues to spearhead the development offshore wind, a market with significant global potential. It currently has a project pipeline of circa 12.4 GW (gigawatts) in three main areas: the North Sea, the Baltic Sea and the United States.

With €13.26 billion (39%) out of Iberdrola's total €34 billion global investment plan up to 2022 earmarked for renewables, offshore wind is a cornerstone of the company's strategy.

The group is currently operating three offshore wind farms: West of Duddon Sands, which began operations in the Irish Sea in 2014, and Wikinger, in the German waters of the Baltic Sea, operational since December 2017.

In the United Kingdom, the company's largest project to date, East Anglia ONE, is now also generating power and nearing completion. Around 80% of the wind turbines (82 of 102) are now installed. Once completed, the 714 MW of installed capacity will be capable of powering 630,000 UK homes for an investment of £2.5bn.

Iberdrola has also announced the development of East Anglia Hub, a macro-complex comprising the company's three remaining projects in the North Sea: East Anglia One North, East Anglia Two and East Anglia Three. With 3,100-MW installed capacity, it will require an investment of around £6.5bn and the construction phase, expected to take around four years, will start in 2022. The main suppliers will be announced within the next ten months.

Iberdrola is also preparing to begin construction of the largest commercial offshore wind farm in the United States: Vineyard Wind. Off the coast of Massachusetts, it will have 800 MW capacity to cover the energy needs of one million homes. Additionally, in December 2019, it was awarded the contract to build Park City, an 804-MW facility off the Connecticut coastline to the south of Martha's Vineyard and Nantucket.

In Germany, in April 2018, the company was awarded contracts to build two new plants in the Baltic Sea, with a joint capacity of 486 MW: Baltic Eagle and Wikinger South.

The company expects to be operating 2,000 MW of offshore wind in late 2022 and 3,000 MW by 2024.

Investment

Iberdrola has launched an investment plan of 75,000 million euros for the period 2020-2025, with the aim of anticipating and taking advantage of the opportunities of the energy revolution faced by the main economies of the world. 90% of this investment volume -68,000 million euros- will be organic and will be aimed at consolidating its business model, based on more renewable energy, more networks, more storage and more intelligent solutions for its customers. The rest, 7,000 million euros correspond to the recently announced acquisition of the American company PNM Resources. This unprecedented rate of investment will represent an average investment of 10 billion euros per year, between 2020 and 2022, and 13 billion euros per year in the period 2023 and 2025.

Activities

• Production of electricity from renewable and conventional sources.
• Purchase/sale of electricity and gas on wholesale markets.
• Transmission and distribution of electricity.
• Supply of electricity, gas and related energy services.
• Other activities, mainly linked to the energy sector.

Iberdrola leads the energy transition towards a sustainable model through investments in renewable energy, smart grids, large-scale energy storage and digital transformation, offering the most advanced products and services to its customers. Thanks to its commitment to clean energy, it is one of the companies with the lowest emissions and an international benchmark for its contribution to the fight against climate change and the sustainability of the planet, all of which have placed the group in prominent positions on indexes such as the Dow Jones Sustainability Index and FTSE4Good. Iberdrola is considered as one of the world's most sustainable electricity companies.

Offshore Wind Business

The Renewable Energy area of the Iberdrola group, Iberdrola Renovables Energía, is responsible for generating and marketing electrical power using renewable sources: wind (onshore and offshore), mini-hydro, solar thermal, photovoltaic, biomass, etc. Nowadays, Iberdrola is a leader in clean energy - it is the top renewable energy producer amongst energy providers in Europe and the US.

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