Spain-based independent power producer Iberdrola recorded a net profit of €1.04 billion (~$ 1.14 billion) during the second quarter (Q2) of the financial year (FY) 2023, an increase of 2% on a year-over-year basis (YoY) as compared to €1.02 billion (~$1.1 billion).

The company’s revenue during the quarter came up to €10.8 billion (~$11.8 billion), a decrease of 11.5%, from €12.28 billion (~$13.5 billion) during Q2 2022, due to the increased investments made through the first half including Q2.

The company, however, managed to maintain the net profit steady with a lesser amount spent on procurements. It spent €5.39 billion (~$5.93 billion) on procurements in Q2 2023, compared to €7.1 billion (~$7.81 billion) spent during the same period last year.

Iberdrola’s earnings before interest, taxes, depreciation, and amortization (EBITDA) remained nearly unchanged at €3.5 billion (~$ 3.8 billion).

1H 2023

Iberdrola recorded a net profit of €2.52 billion ($2.7 billion) in the first half (1H) of FY 2023, marking a YoY increase of 21.5% compared to €2 billion ($2.1 billion).

The company’s global networks asset base reached €40 billion (~$44 billion) in the past 12 months, showing a YoY growth of 10%, which was instrumental in driving the profit for the initial six months.

Steady network operations and successful renewable businesses contributed to Iberdrola’s 1H revenue, which amounted to €26.2 billion (~$29 billion), a YoY increase of 7.5%.

The company’s adjusted EBITDA grew by 17% YoY, reaching €7.56 billion (~$8.2 billion).

Iberdrola’s net operating expenses saw a 16.6% YoY increase, amounting to €29 billion (~$32 billion) on the back of new agreements signed during the period.

Over the last year, Iberdrola added 2,565 MW of new renewable capacity, including both offshore and onshore wind and solar, leading to a cumulative clean energy capacity of 41,250 MW by the end of the first half of 2023.

By the end of the 1H 2023, the total installed solar PV capacity stood at nearly 5 GW, a growth of approximately 1.5 GW over the previous year, when the utility had 3.4 GW of solar capacity.

Spain accounts for more than half of the current installed solar capacity, with a capacity of 3.2 GW, representing an increase of 900 MW from the first half of 2022.

Ignacio Galán, the Executive Chairman of Iberdrola, said the company had made investments of over €10.5 billion (~$11.5 billion) in the last 12 months, resulting in a networks asset base of €40 billion (~$ 43.9 billion) and 41,250 MW of installed renewables capacity.

Recently, Iberdrola issued ten-year green bonds raising around €850 million (~$930.65 million).

In June, the company and the European Investment Bank inked a loan agreement worth €1 billion (~$1.07 billion) to support the energy transition in Europe by building 22 renewable energy projects with an installed capacity of 2.2 GW.