In 2021, Iberdrola invested €9.94 billion, 3% more than the previous year. This investment effort was focused on the smart grid business (45% of total) and renewables (44%) to accelerate the energy transition and the decarbonisation of the energy system.
The United States (€2.73 billion) and Spain (€2.38 billion) accounted for more than half of the investment. Brazil, with €1.89 billion, and other countries, mainly in Europe, with €1.56 billion also saw considerable investment.
In 2021 the company posted €3.88 billion net profit, up by 8%. The positive growth in the United States and Brazil has offset the negative performance of the generation and supply business, affected by high energy prices in Spain and the United Kingdom. In 2021, the investment effort and operating performance boosted gross operating profit (Ebitda) to €12 billion, representing a 20% growth compared to the previous year. berdrola reaffirms its growth forecasts for 2022, with net profit set to reach between €4 billion and €4.2 billion.
The company allocated more than €4.3 billion investments to renewables. This effort has enabled the group to install 3,500 MW of new clean capacity in the period, bringing total installed renewables to 38,000 MW worldwide. Capacity under construction exceeds 7,800 MW, of which 2,600 MW is related to offshore wind.
During the year, offshore wind was confirmed as one of the group's strongest growth areas. The company has 1,258 MW in operation and capacity will grow three-fold by 2025 with the construction of 2,600 MW. The current offshore wind pipeline totals 33,400 GW.