Europe's top utility Iberdrola to invest $68 bln with growing focus on US, UK grids
MADRID, Sept 24 (Reuters) - Spanish utility Iberdrola IBE.MC plans to invest 58 billion euros ($68.42 billion) through 2028 with a growing focus on expanding and upgrading power networks in Britain and the United States, it said on Wednesday.
The move is in line with its previous pledge to increase annual investments to around 15 billion euros from around 12 billion euros.
The Spanish firm is building on a strategic shift launched in 2022 towards the power networks business in countries where returns are steady and healthy, while taking a more selective approach to renewable energy generation projects.
Around two thirds of the planned investments will be deployed in Britain and the U.S.
Iberdrola targets an adjusted net profit of 7.6 billion euros per year by 2028, about 2 billion euros more than in 2024, with some 20 billion euros going to dividends between 2025 and 2028.
($1 = 0.8477 euros)
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