Spanish power company Iberdrola raised its 2023 profit outlook for the second time on Thursday after reporting a 21% increase in first half net profit.
The green energy giant has a 150 billion euro investment plan for 2020-2030. To fund this, it has sold minority stakes in wind projects while retaining control. It recently sold a 49% stake in an offshore wind farm for 375 million euros.
Iberdrola expects investments to accelerate in the second half of the year, reaching 10-12 billion euros. A similar amount is planned for 2023.
The company is also working to reduce its debt pile, with CFO Jose Sainz saying net debt is expected to fall to around 42 billion euros this year, lower than previous forecasts.
Iberdrola expects "high single-digit net profit growth" this year driven by further investments, new capacity and positive forecasts. This guidance excludes potential gains from asset sales.
First half net profit rose 21% to 2.52 billion euros.
Iberdrola's executive chairman said he does not expect significant changes to energy policies in Spain despite the recent political gridlock following elections. He noted the key role played by the European Union.
