At the recent inauguration of the Saint-Brieuc offshore wind farm in France, Iberdrola’s chairman, Galán, expressed optimism about ongoing collaborations with Qatar. He emphasized the positive relationship they share, noting existing partnerships and potential future ventures.
Since 2011, when the Qatar Investment Authority (QIA) became the largest shareholder in Iberdrola, the company has consistently benefited from Qatar’s backing. This support has been crucial as Iberdrola invests in renewable energy projects, smart grids, and innovative solutions aimed at enhancing customer experiences.
Qatar’s involvement in Iberdrola has grown significantly over the years, increasing its stake from an initial 6% to nearly 9%, surpassing other major shareholders like BlackRock and Norges. Galán shared that he maintains frequent communication with Qatari officials, reinforcing their strong ties at various levels.
While discussing the potential for increased investment from Qatar, Galán mentioned he had no information about plans to further elevate their stake in Iberdrola.
Looking ahead, Iberdrola’s approach hinges on strategic alliances, mirroring partnerships with entities like Norges Bank for renewable energy expansion in Spain and Portugal, Masdar for significant investments in offshore wind and green hydrogen, and GIC for enhancing transmission networks in Brazil. These collaborations are pivotal in leveraging the myriad of investment opportunities present in the ecological transition.
Galán stressed the abundance of investment possibilities worldwide, with Iberdrola identifying over 100 billion euros in potential opportunities over the next six years. Specifically, he highlighted the United States and the United Kingdom as crucial markets, with projected investment opportunities exceeding 60 billion euros by 2029, primarily focused on electrical grids. He reinforced the notion that networks remain the core of Iberdrola’s operations.
