The Spanish electricity group that owns Scottish Power plans to invest €75 billion globally by 2025, doubling its renewable energy capacity.
Iberdrola said that it would spend at least €34 billion on developing about 28 gigawatts of renewables, taking its capacity to 60 gigawatts by 2025.
Onshore wind farms will comprise the biggest share, followed by solar, hydro-electric and offshore wind. It will also spend at least €27 billion on energy networks.
In the UK, where Scottish Power operates power networks, renewables and a retail energy business, it plans to spend £10 billion by 2025. That includes more than £3.7 billion on developing 2.1 gigawatts of renewable capacity or enough to power over 1.5 million homes.
Iberdrola’s spend beats the combined low-carbon plans of the six biggest European oil companies, including Royal Dutch Shell and BP.
Keith Anderson, Scottish Power chief executive, said: “The future of the world is very, very different: it’s no longer about the future of oil and gas companies, it’s about the future of renewables and the future of electricity.”