The company is seeking to work with local partners and obtain at least 50% ownership of some early-stage development projects in the region, Iberdrola’s global head of renewables. The next hot spots will be Asia Pacific — Japan, China, and Taiwan — with big potential in the second half of the decade. Coal-dependent countries in east Asia such as South Korea, Japan, and Vietnam plan to boost the amount of electricity they get from renewable power sources in the coming years. There’s an opportunity for developers like Iberdrola to establish a presence now so that their business can benefit as green energy sources like wind and solar grow from a niche to a major part of the electricity mix.
The renewable-energy giant has aggressive plans for expansion, especially in the area of offshore wind, as part of a 150-billion-euro ($174 billion) investment plan for the next decade. Offshore wind farms are seen as a key part of achieving global climate goals, as regions such as Europe lack land availability for new renewable-energy capacity. Global annual installations will exceed 10 gigawatts for the first time this year and hit over 30 gigawatts in 2030. Iberdrola operates 1,300 megawatts of offshore wind plants and is building more projects in France, the U.S. and Germany. The company expects its participation in auctions in North America, Europe and Asia will help boost its short- and medium-term growth.