Iberdrola has announced plans to invest €9bn (US$12bn) in renewable energy as a part of its total €18bn ($24bn) investment plans over the next couple of years.

The company set out its strategic foundations for growth after recording a €2.8bn net profit last year.

The firm said it intends to strengthen its presence through Iberdrola Renovables in the UK to develop an offshore wind project with the potential to generate up to 7,200MW of power.

Iberdrola Renovables also plans to build a 3,600MW nuclear power station at the Sellafield site in the UK.

The firm also announced plans to add 1,050MW capacity in Spain by 2012 through expansion of the La Muela, San Esteban and San Pedro plants.

In Portugal, the group is building Alto Támega complex, while in Brazil it will develop a number of power stations with a total capacity of 1,000MW.

Iberdrola plans to invest €6.3bn (US$8.5bn) for improving and building new networks including facilities with smart grids and €2.7bn (US$3.6bn) for generation and supply.