Iberdrola to increase renewable generation in US to 10,000MW by 2022

27 September 2018 (Last Updated September 27th, 2018 11:26)

Spanish electric utility Iberdrola chairman Ignacio Galán has revealed of plans to increase the renewable energy generation capacity in the US to 10,000MW by 2022.

Iberdrola to increase renewable generation in US to 10,000MW by 2022
Iberdrola plans to increase renewable energy production capacity in the US. Credit: Iberdrola, S.A.

Spanish electric utility Iberdrola chairman Ignacio Galán has revealed of plans to increase the renewable energy generation capacity in the US to 10,000MW by 2022.

According to the statement released by Galán to Reuters journalist Scott DiSavino, the utility intends to spend about $15bn on its US transmission and distribution system.

"Built with an investment of nearly $2.7bn, the construction works at the 800MW Vineyard Wind project site are scheduled to begin next year."

Additionally, Iberdrola noted that it is committed to minimise carbon emissions by 50% by 2030 and become carbon neutral by 2050.

Currently, Iberdrola has more than 6,500MW of renewable energy through its majority-owned subsidiary Avangrid in the US and is reported to be the third largest wind energy provider in the country after NextEra Energy and Berkshire Hathaway.

At present, the company has long-term power purchase agreements (PPAs) in place with firms such as Amazon, Google and Nike.

Galán said: “In recent years, large customers are also coming to us to buy renewable power directly because it is cheaper and cleaner.”

Iberdrola chairman also noted of plans to shut its last two coal plants located in Spain by 2020.

Furthermore, Iberdrola is also planning to build its first offshore project called Vineyard Wind in Massachusetts, which would become country’s first big offshore wind farm.

Built with an investment of nearly $2.7bn, the construction works at the 800MW Vineyard Wind project site are scheduled to begin next year and are slated to become operational in 2021 and 2022.