During a three-day visit to Australia, Iberdrola Chairman Ignacio Galán met with Australian Prime Minister Anthony Albanese and Federal Minister for Climate Change Chris Bowen to discuss the company’s plan to invest 3 billion euros in the country.
Galán has detailed Iberdrola’s plans to supply renewable energy capacity, battery storage, green hydrogen projects, and transmission grid investments.
“The country’s huge renewable potential and its clear and stable policy framework provide the best scenario for Australia to establish itself as a leading global power in the energy transition, maintaining its leadership as one of the world’s largest energy exporters thanks to green hydrogen,” he said.
According to him, Iberdrola is prepared to invest and contribute its resources and expertise to help Australia transition to a cleaner, smarter energy system and generate new jobs and economic opportunities.
“There is huge global demand from industry for new climate solutions such as green hydrogen, green ammonia and green steel. With abundant natural resources and skilled energy workforce needed to develop these products on a large scale, as well as established energy trading partners, Australia can quickly lead the way in these new clean economy technologies,” he added.
In 2020, Iberdrola acquired Infigen Energy which signalled Iberdrola’s significant commitment to the Australian energy market. The new investment is twice the $2 billion that Iberdrola Australia has already committed to projects like the Port Augusta renewable energy farm in South Australia, the largest wind-solar hybrid farm in the southern hemisphere, and the Avonlie solar farm and Flyers Creek wind farm in New South Wales.
Similarly, Iberdrola recently acquired the Mount James wind farm with 1,000 MW, the 360 MW Broadsound photovoltaic power station in Queensland, and invested in Autonomous Energy.
Iberdrola has an established portfolio of development projects totalling more than 2 GW. It anticipates growing to 4 GW in the upcoming years, which will help solidify renewable energy as the primary driver of the energy transition.
Iberdrola currently has 1,062 MW of renewable energy installed, and it is constructing two new facilities with a combined capacity of 391 MW that will be operational in 2023.
Iberdrola established its networks business in Australia earlier this year as Australia’s electricity grids, particularly its transmission infrastructure, will need to be dramatically expanded to harness wind and solar resources and deliver power to coastal population centres. The development of new renewable generation and transmission projects is now more attractive to foreign investment, thanks to initiatives by the federal and state governments.
