Spanish electricity company Iberdrola has unveiled an ambitious plan to invest €15 billion in wind farms by 2025, aiming to provide clean energy to approximately 12 million people. These wind farms will be a mix of onshore and offshore installations spanning around a dozen countries. Some of the infrastructure is already in progress. Once operational, these wind farms will have the capacity to meet the energy needs of over a quarter of Spain's population.
Iberdrola estimates that these planned wind farms will lead to a reduction of approximately 43 million tonnes of carbon dioxide emissions annually. To put this in perspective, if we consider the average CO2 emissions of a short-haul passenger airline at 250 kilos per hour of flight, Iberdrola's investment would be equivalent to eliminating roughly 169 million hours of airplane travel emissions per year.
Iberdrola currently manages wind farms across three continents, with the United States producing the highest energy output. Their US wind farms generate a total of 8,000 megawatts (MW), contributing 41% to the company's total wind energy production. Spain ranks second, with 6,100 MW (31% of the total), followed by the UK with 2,000 MW (10%).
Iberdrola operates significant offshore wind farms, including East Anglia ONE and West of Duddon Sands in the UK's North Sea, generating a combined 1,100 MW. The Wikinger wind farm off the coast of Germany adds another 350 MW of renewable energy.
Among the projects under construction, Vineyard Wind 1 and Park City Wind in the US are expected to produce 806 MW and 804 MW, respectively. In Europe, the Baltic Eagle in Germany and Saint Brieuc in northern France are offshore wind farms set to generate 476 MW and 500 MW upon completion. Collectively, these ongoing projects will contribute around 4,000 MW of power, with 2,500 MW coming from offshore locations.
Iberdrola's future wind farm portfolio aims to generate over 43,000 MW of electricity, with approximately 30,000 MW coming from offshore installations.
In a groundbreaking move, Iberdrola is set to become the first Spanish company to hold its annual shareholders' meeting in the Metaverse. This virtual gathering will allow participants to join from various devices, including virtual reality glasses, mobile phones, and computers. The Metaverse meeting is a more accessible alternative to traditional in-person conferences, enabling shareholders to interact using personalized avatars in a virtual Iberdrola Tower room. Attendees can also utilize blockchain technology to certify their participation and securely log their votes or proxy votes.
As an incentive for active shareholder participation, Iberdrola has pledged a bonus dividend of €0.005 per share if 70% of its capital holders attend the virtual AGM – a unique initiative among companies listed on Spain's IBEX-35 stock index.
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