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Iberdrola’s renewable capacity drive underscores profit increase

21 Jul 2011

Spanish utility Iberdrola has fought off the tough economic climate by recorded a 6.6 per cent rise in first half year earnings to €1.56bn as the company totalled a record amount of renewable energy capacity.

The energy generator, which has a number of wind and solar assets, also reported a leap in recurring profits to 9.4 per cent.

EBITDA also rose by 4.4 per cent to exceed €4bn for the first time in a six month period, while the group also strengthened its balance sheet and maintained liquidity at above €10.35bn.

In a statement today, Iberdrola said gross operating profit was supported by improved results from its stable business areas such as renewable energy, which saw an eleven per cent rise.

The renewable energy business totalled operating profit of €785.1m for the first half, a rise of 11.1 per cent. This came at a time when the utility rose its renewable capacity to just shy of 13GW.

Over the past 12 months it has brought on stream 1,577MW of operating capacity, of which 57 per cent was in the US.

As a result of this diversification, more than half of its total capacity is now outside Spain.

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