Iberdrola announces €15bn wind farm investment: Clean energy for 12 million consumers

NATIONAL electricity board Iberdrola has announced plan to spend €15 billion on wind farms between now and the year 2025, enabling it to supply 'clean' power to around 12 million people.

These wind farms will be both on land and offshore, and based in 'about a dozen' countries, the utility board reveals – some of which infrastructure is already under construction.

Once complete, they will be able to meet the energy needs of the equivalent of over a quarter of the population of Spain.

According to the company's calculations, the power provided by the planned wind farms will save around 43 million tonnes of carbon dioxide emissions per year.

If an average short-haul passenger airline emits a quarter of a tonne, or 250 kilos, of CO2 per hour in flight, it means Iberdrola's investment will – in greenhouse-gas terms – equate to a reduction of 169 million hours' worth of aeroplane travel per annum.

Iberdrola currently manages wind farms on three continents, and says the USA is the country which produces the most energy from these.

A total of 8,000 MW (megawatts) comes out of Iberdrola-run wind farms in the United States, or 41% of the company's total.

Spain is the country with the second-highest amount of wind-farm energy produced through Iberdrola fixtures – 6,100 MW, or 31% of the total – followed by the UK, with 2,000 MW, or 10%.

The latter country is where two of Iberdrola's huge offshore wind farms are based – East Anglia ONE, off the south-east coast of the UK in the North Sea, and West of Duddon Sands, which produce a combined total of 1,100 MW.

Wikinger wind farm, off the coast of Germany, generates 350 MW of renewable energy.

Others being constructed at present include the first industrial-sized wind farm in the USA, Vineyard Wind 1, and also Park City Wind, which generate 806 and 804 MW respectively.

Back in Europe, the Baltic Eagle, in Germany, and the Saint Brieuc, in the Brittany area of northern France, both of which are offshore, will produce 476 and 500 MW respectively when complete.

Collectively, those being built right now will be capable of producing around 4,000 MW of power, of which 2,500 MW will come from offshore locations.

Iberdrola's portfolio of future wind farm development will be able to supply over 43,000 MW of electricity once fully operational, of which around 30,000 MW will be generated by offshore installations.

Shareholders' meeting in the Metaverse

Iberdrola is also about to become the first-ever Spanish company to hold its shareholders' AGM in the Metaverse.

The annual general meeting will take place from the corporation's headquarters, Iberdrola Tower in the Basque city of Bilbao, and participants can join in with virtual reality glasses, from a mobile phone, or any computer.

Attendees had to confirm their presence ahead of the session, which will be tomorrow (Friday).

An alternative to having to travel long distances to sit in a conference hall, the Metaverse meeting means shareholders will be able to 'enter, move around and mingle' via their personalised avatar in an actual Iberdrola Tower room as it appears on their screen.

They will be able to take a 'virtual tour' of the premises to find out more about Iberdrola's forthcoming projects, in particular its ongoing transition to renewable energy.

Also new for this year, shareholders joining in the meeting 'virtually' can certify their participation, and ensure their votes or proxy votes are logged, via blockchain.

This way, they are stored securely in the blockchain network, cannot be altered, and are encrypted to guarantee confidentiality.

Additionally, and to encourage active participating in the company's affairs, Iberdrola has pledged to pay a bonus dividend of €0.005 for every share if they manage to get the holders of 70% of its capital joining the AGM – something that, as yet, has not been practised by any other IBEX-35 corporation.