Iberdrola unveils €75 billion investment plan
Iberdrola is planning to invest €75 billion in the next five years, primarily in renewable energy, and targeting €5 billion net profit by 2025.
Investments amounting to €34 billion are earmarked for the United States and United Kingdom, €14.35 billion for Spain and €11 billion for other international araes.
Iberdrola is targeting 60GW installed capacity in 2025, 16GW more than in 2022, with offshore wind providing five times the EBITDA/MW compared with solar photovoltaic and three times that of onshore wind.
The company will allocate 40 percent of its organic investments to networks (€27 billion), bringing the group's regulated asset base to €47 billion euros by 2025, 1.5 times its current value. This figure includes investments in transmission, which will reach €4 billion.
"Iberdrola will continue to digitise its networks as a key element of smart grids that will ensure the massive incorporation of renewables," it notes.
By the end of the period, Iberdrola will have installed more than 21 million smart meters and 83% of its assets will be in countries with an A rating.
Ignacio Galán, Chairman of Iberdrola, said: "With our experience, our engagement with society and our financial strength, we are advancing a model for long-term sustainable economic growth capable of meeting the current challenges of society."
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.