Iberdrola Awarded 50 MW of Wind Capacity in Polish Auction

Source: www.gulfoilandgas.com 6/28/2021, Location: Europe

Iberdrola is making progress in its commitment to develop renewables in Poland, one of the company's new growth markets for the years ahead. The company has been awarded 50 megawatts (MW) of the total 300 MW of onshore wind capacity auctioned in the country, representing almost 17% of the total.

This brings the company's onshore wind capacity in operation and under development in the country to 163 MW, after recently completing its agreement with CEE Equity Partners, signed in March. This deal included the acquisition of two operational wind farms, with 112.5 MW of capacity, and access to a third, with 50 MW, confirmed today at the auction.

Almost all of Iberdrola´s onshore wind capacity in Poland is associated with 10-year power purchase agreements (PPAs). The company also has a portfolio of seven offshore projects, with a potential capacity of up to 7,300 MW, following the recent acquisition of 70% of the developer Sea Wind.

With these offshore projects Iberdrola is working on the implementation of the Baltic Sea Hub. The Hub will act as a focal point for offshore and onshore services, as well as providing local content for Iberdrola's projects in Germany, Poland and Sweden. The Baltic Sea has an offshore wind development potential of 93,000 MW, of which 28,000 MW would be in Polish waters.

The result of today's auction also confirms Iberdrola's commitment to Poland, where it operates a local development team. It also reaffirms the company's strategy of growing in A-rated countries - more than 75% of its Ebitda in 2020 came from A-rated countries.

WIND POWER LEADERS, ALSO AT SEA

Participation in the Polish auction is in line with Iberdrola's strategy of positioning itself in new renewable growth markets and follows on from the twelve corporate operations carried out in the last year in countries such as Australia, France, Japan, Sweden and Ireland.

One of the company's major growth areas for the coming years will be offshore wind power, where Poland has ambitious plans. It aims to have 23% of its energy mix from clean energy sources by the end of the decade, with up 8,000 MW of offshore wind power.

In global terms, Iberdrola's offshore wind portfolio totalled 20,000 MW at the end of the first quarter. The new growth markets will support the group to reach an installed offshore capacity of 12,000 MW by the end of the decade. In 2020, offshore wind energy already contributed 585 million euros to Iberdrola's Ebitda, growing by 72%; and its contribution will rise to 2.3 billion euros in 2030.

GREEN INVESTMENTS TO PROMOTE ECONOMIC RECOVERY

Iberdrola has been leading the energy transition for two decades, acting as a key driving force in the transformation of industry and the green recovery of the economy and employment. To this end, the company has launched a major investment plan of 150 billion euros over the next decade -75 billion euros by 2025-, with which to triple renewable capacity, double network assets and take advantage of the opportunities of the energy revolution facing the world's leading economies.

Following investments of 120 billion euros in the last twenty years, Iberdrola is a leader in renewable energy with nearly 35,000 MW installed worldwide, a volume that makes its generation fleet one of the cleanest in the energy sector.

With emissions of 28 grCO2/kWh in Europe, ten times less than its European competitors, the strategy of investing in clean energy and networks will lead Iberdrola to be a "carbon neutral" company in Europe by 2030.


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