Iberdrola Ready to Grow U.S. Renewable Footprint in 2024

February 23, 2024--Researched by Industrial Info Resources (Sugar Land, Texas)--Despite tough headwinds in the wind-energy market, Iberdrola Group (Bilbao, Spain) is upbeat about its 2024 prospects, after it grew its installed renewable-energy capacity to more than 42 gigawatts (GW) worldwide in 2023. The company cited improved performance in most of its major businesses, including in the U.S., where it is one of the few developers that can point to successful power generation at an offshore windfarm.

Industrial Info is tracking about $15 billion worth of active and planned projects across the U.S. from Iberdrola, more than $11 billion of which is attributed to power-generation projects. Iberdrola reported net profits of 4.8 billion euros (US$5.2 billion) for 2023, a 10.7% jump from 2022. The company's global renewable-generated power output increased 6.3% to 79,329 gigawatt-hours (GWh) worldwide, due to increased generation from offshore wind, large hydro and solar power plants.

Other companies featured: Avangrid Incorporated (NYSE:AGR), Copenhagen Infrastructure Partners, Missouri River Energy Services, Southwest Power Pool, Canadian Solar Incorporated (NASDAQ:CSIQ) and Masdar.