Spanish electric utility company Iberdrola has reported increases in net profit and earnings before interest, taxes, depreciation, and amortization (EBITDA) in its 2023 financial results.

The company set a new investment record in 2023 of €11.38bn ($12.3bn), up 6% from the year before, and its net profit increased by more than 10% to €4.8bn, with EBITDA increasing 9% to €14bn.

Grids and offshore wind farms made up the majority of the €11.38bn investments across all geographies. As a result, the company’s regulated asset base has increased to €42.21bn (+8%) and its renewable capacity is 42.19GW. Total assets now exceed €150bn.

Throughout 2023, investments of more than €5bn were made to build an additional renewable capacity of 3.25GW.

Iberdrola’s 496MW wind farm located 16.3km off the coast of Saint-Brieuc Bay in Brittany, north-western France, began supplying power to France’s national electricity grid in June. The company invested €2.4bn in its construction. A few months later, first power was achieved at Vineyard Wind off the US coast near Massachusetts.

In 2024, the company plans to make further investments of €12bn, which will include 2GW of new onshore renewables capacity and the completion of offshore wind farms already under construction in the US, Germany and the UK. Iberdrola and the Norwegian sovereign wealth fund managed by Norges Bank Investment Management are also planning to invest €2bn in renewable energy on the Iberian peninsula over the three years to 2026.

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Ignacio Galan, executive chairman of Iberdrola, said: “In a year of challenging macroeconomic conditions, we have once again maintained our consistent track record of delivering on our guidance, thanks to our integrated business model and our disciplined focus on investment and growth in stable markets.

“After a year of record investments, our enhanced financial solidity means we will continue to invest significantly in the energy transition in 2024. New investment frameworks in networks and our offshore wind projects under construction will help us to deliver strong and profitable growth for the year,” he added.