EnergyRenewables and grids support Iberdrola earnings and outlook
Isla Binnie
3 minute read
Iberdrola's power generating wind turbines are seen against cloudy sky at Moranchon wind farm in central Spain December 17, 2012. REUTERS/Sergio Perez
Europe's biggest wind power group Iberdrola (IBE.MC) reaffirmed its 2021 growth outlook on Wednesday after reporting rising quarterly earnings supported by rapid building of renewable energy plants and investments in networks.
Buoyed by a global shift towards the low-carbon energy sources it has been investing in for two decades, northern Spain-based Iberdrola plans to almost triple its renewable generation capacity to 95 gigawatts (GW) by 2030.
Core earnings before interest, tax, depreciation and amortisation rose 1.5% to 2.8 billion euros ($3.4 billion), broadly meeting the average forecast from eight analysts polled by the company.