Iberdrola triggers its investments outside of Spain in search of more legal certainty and profitability

The Iberdrola group is boosting its investments outside of Spain in search of legal certainty and greater profitability.

Multi-million dollar projects committed to various governments follow one another.

The latest example is that the president of the power company,

, presented this Wednesday in Massachusetts (USA) an investment of 10,000 million dollars (8,800 million euros at current exchange rates) to promote offshore wind energy projects in that country.

This announcement follows that of 22,500 million euros communicated last January after winning the Spanish electricity company in the largest wind auction in the United Kingdom.

These magnitudes consolidate Iberdrola as the world leader in offshore wind energy and contrast with the limited investment announcements in Spain.

Despite the fact that the third vice president of the Government,

, insisted yesterday in the control session of the Congress of Deputies on her commitment to renewable energies, she has not yet presented Maritime Space Planning Plans that allow the deployment of offshore wind investment in Spain.

She has so far limited herself to a roadmap that she presented last December after several delays.

While awaiting concrete completion, Iberdrola has projected plans in Galicia that have not yet been finalized and that are smaller in size than those already clear in Massachusetts or the United Kingdom.

The geological difficulties, the resistance of the fishing sector and the legal insecurity generated by the Government are not found by Iberdrola in other countries, according to the analysis made by the company.

Galán himself protested last year over Ribera's decrees and accused the vice president of scaring away investments.

He made limiting his prices conditional on the vice president rectifying one of the decrees, and she agreed.

In contrast to these confrontations, Galán met this Tuesday with the Governor of Massachusetts,

to present the group's growth plan in the United States for the period 2020-2025, which will allow it to double the renewable generation capacity and promote the decarbonization of the country.

Galán pointed out that these projects "will be essential to make the United States' goal of reaching 30,000 megawatts (MW) of wind power in 2030 a reality, and with them we will generate industrial development and employment."

thanks to the agreements with Navantia-Windar for supplies for new offshore wind installations around the world.

The dimensions of the US market are also more tempting for Iberdrola, because, in contrast, the Spanish Government's roadmap in this sector is ten times lower, 3 gigawatts in this decade, and still with great legal uncertainty surrounding it.

Iberdrola does pay attention to the deployment of European funds in Spain, where it has presented various projects -although smaller than the bet in the United Kingdom- and also this Wednesday it inaugurated in Elche an electric station presented as "the largest in southern Europe" and which It will allow 16 electric cars to be recharged at the same time in less than five minutes.

Galán also held an unusual meeting in the US with the Attorney General of the State of Massachusetts,

.

Iberdrola sources denied to this newspaper that the meeting was due to explain to the official the so-called Villarejo case whose reputational damage already caused the loss of a contract in New Mexico last year.

Haley has the ability to supervise public contracts in her state and, in addition, is high in the Republican pools to become the future governor of the state.

"

and she has been interested in offshore wind technology," company sources say.

The judicial investigation continues in the meantime and Judge

has summoned fifteen witnesses and investigated from the next day one to elucidate whether there were crimes in the hiring of Villarejo by Iberdrola, something that the electricity company denies.

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• U.S

• United Kingdom

• Jose Manuel Villarejo

• Castellon

• Europe

• Elche

• Galicia

• Congress of Deputies

• Yolanda Diaz

• ERTE

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