Global energy and electricity provider Iberdrola unveiled today a new €75 billion investment plan for the 2020-2025 period. The plan includes massive investments over the next five years in renewable energy, with the company anticipating nearly doubling its renewables capacity by 2025.

According to Iberdrola, the aim of the new investment plan is to take advantage of the opportunities created by the energy revolution facing the world’s major economies. €68 billion, roughly 90%, of the investment plan is organic, and will be directed towards helping the company consolidate its business model based on more renewable energy, more networks, more storage and more intelligent solutions for its customers. Of this amount, over half is earmarked for renewables.

The remaining €7 billion will go towards the acquisition of PNM Resources. The transaction was announced last month by Iberdrola’s majority owned US utility company Avangrid, and will create the third largest renewable energy operator in the United States.

Iberdrola’s renewable energy investments will focus primarily on markets in Spain, the UK and the US. The company expects that the investments will nearly double its renewable energy installed capacity to 60 GW from 32 GW currently. The plan includes reaching 4 GW in offshore wind, 16 GW solar photovoltaic, 26 GW onshore wind, and 14 GW hydroelectric installed capacity in 2025.

Additionally, Iberdrola intends to continue investing in green hydrogen, with plans to install 600 MW by 2025, and production of 15,000 tons of renewable hydrogen.

Iberdrola Chairman Ignacio Galán said:

“After 20 years of anticipating the energy transition, our business model positions us as a key agent in the transformation of the industrial fabric. With our experience, our engagement with society and our financial strength we are advancing a model for long-term sustainable economic growth capable of meeting the current challenges of society.”