Spanish utility Iberdrola SA [IBE:SM] has pledged to invest EUD2bn to 3bn (USD1.98bn to 2.97bn) in the coming years to expand its renewable energy deployment in Australia, as reported by PV Tech on September 6. At present, in Australia, the utility has two gigawatts (GW) of renewables under development, along with 1.062 megawatts (MW) of solar, wind, and battery storage projects in operation. Following Iberdrola’s existing investment worth EUD2bn (USD1.98bn) in Australia’s renewables industry, the enterprise expects the added investment to help boost its installed renewables capacity in the country to 4 GW. According to a plan released by Iberdrola this February, it will set aside EUD150bn (USD148.4.bn) to nearly triple its global renewable energy capacity to 93 GW by 2030.
Iberdrola is ramping up its renewable energy deployment in Australia as the coal-reliant country aims for a greener future. In May 2022, the country’s new government led by the Australian Labor Party (ALP) committed to a 43% reduction in carbon emissions by 2030 compared to 2005 levels. Moreover, the ALP proposed a bill this August to codify the 43% emissions reduction target into law. With Iberdrola’s growing renewables portfolio in Australia, the company engages to provide innovative and integrated green energy products that reduce customers’ energy costs. In May 2022, the company inked a renewable power supply agreement with Australian retailer Woolworths Group [WOW:AU], providing Woolworths’s supermarkets, stores, and a distribution center with 100,000 megawatt-hours (MWh) of solar power per year.