Spanish multinational utility firm Iberdrola announced its plans to invest more than €100 million in renewable energy and storage projects in Ireland and Northern Ireland by 2025.
The company’s decision stemmed from its larger vision to expand its business in Europe’s retail markets. In addition, a part of its goal is focused on investing €34 billion on renewables and energy network systems in 2022.
With its potential Ireland business, it will be challenging current market players including SSE Airtricity and Bord Gais Energy. Iberdrola will lure customers with attractive pricing and 100 percent renewable electricity.
CEO retail Iberdrola Ireland Colin McNeill said that the company will offer natural gas from October onward. “We have had renewable generation in Ireland for over 20 years so moving into retail is a logical step,” he added.
Currently, Iberdrola has six onshore wind farms in Ireland. According to media reports, it might partner with renewable operators in the future.
“We will also look at opportunities to build batteries at the sites,” McNeill said.
Iberdrola as part of its renewable energy strategy is also planning to build Europe’s largest photovoltaic solar farm with the Francisco Pizarro project. The company will invest more than €300 million for the project with 590 MW.
Julio Castro, head of Iberdrola’s Spanish renewable energy business, said, “Julio Castro, head of Iberdrola’s Spanish renewable energy business.”
According to the company, the project will generate sufficient clean energy to supply 375,000 people every year. Nearly 1,000 people will work on the site until it is commissioned in 2022, the press release on the company website said.