Spain-based independent power producer Iberdrola recorded a net profit of €4.3 billion (~$4.6 billion) in the calendar year (CY) 2022, an increase of 11.7% year-over-year (YoY).

The company attributed the higher profit to a higher asset base in all its operating geographies and tariff increases in the U.S. and Brazil.

Further, the investment made during the year contributed to higher profit. The company invested €10.7 billion (~$11.4 billion), of which €4.9 billion (~$5.3 billion), or 46%, was allocated to renewables.

The installed renewable capacity at the end of the year stood at ~40,000 MW.

Image credit: Iberdrola

The company generated 74,535 GWh of renewable power which was marginally higher YoY. However, solar generation recorded 44% YoY growth at 3,837 GWh. The company’s onshore wind generation also rose 9.3% YoY to 45,195 GWh.

The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) for full-year 2022 stood at €13.2 billion (~$14 billion), a 10.2% YoY increase.

The company registered a revenue of €54 billion (~$57.4 billion) during the year, a YoY increase of 37.9%.

Iberdrola’s net profit in the last quarter of CY22 was €1.2 billion (~$1.32), a 16% YoY decrease.

The EBITDA for the quarter was €3.7 billion (~$3.9 billion), a decline of 4% YoY.

The company registered a revenue of €16.05 billion (~$17 billion) in the quarter, a YoY increase of 44%.

Iberdrola had received  €150 million (~$159 million) million) green loan agreement from the European Investment Bank to develop a portfolio of renewable energy projects in Italy. The new facilities, comprising wind and photovoltaic projects with a total capacity of around 400 MW, will produce green energy equivalent to the average consumption of up to 260,000 households.

Norway’s sovereign wealth fund Norges Bank Investment Management signed an agreement to acquire a 49% stake in Iberdrola’s upcoming renewable energy portfolio comprising nearly 1.3 GW of solar and onshore wind projects in Spain. Norges Bank will pay €600 million (~$638 million) for the stake in the portfolio valued at approximately €1.2 billion (~$1.3 billion). No external debt financing will be involved in the transaction.

Last November, Iberdrola announced an investment plan of €47 billion ($50 billion) for energy transition between 2023 and 2025. Of this, €17 billion ($19 billion) will be invested in renewables to deliver 52 GW of installed capacity by 2025.

Iberdrola signed an agreement last year to supply 590 MW of solar power to American food and beverage corporation PepsiCo’s facilities in Spain and Portugal.