Iberdrola has made record investments in the first quarter amounting to €2.5 billion, an increase of 45%. This effort focused on the networks business (50% of the total) and renewables (42%). By country, the United States (€725 million), Brazil (€698 million) and Spain (€546.5 million) concentrate about 80% of the investment. Other European markets, the UK and Australia complete the remainder.
The record investments were accompanied by a good operating performance, with reported EBITDA growing 2% to €2.81 billion, including the negative impact of COVID-19 (-€65 million) and the exchange rate (-€231 million). Excluding these effects, Iberdrola's EBITDA for the quarter was €3.11 billion, up 12.2%. As of March, 81% of the group's EBITDA came from A-rated countries. Adjusted net profit - excluding the extraordinary impact of the divestment of Siemens Gamesa in the first quarter of 2020 - rose 12% to €1.08 billion. Reported net profit, stood at €1.02 billion.
Renewables investment grew by 29% to €1.05 billion, representing 42% of total. In the first quarter, the company had 8,700 MW of new green capacity under construction: 4,600 MW wind (2,600 MW offshore and the rest onshore), 2,800 MW photovoltaic, 1,160 MW hydro and 150 MW in battery storage. By market, one third is in the United States, one third in Spain and Brazil, and one third in European countries such as Portugal, France and Germany, as well as Australia. At the end of the quarter, Iberdrola's pipeline totals 78,000 MW, of which 18,700 MW are under construction and cover 100% of installed renewable capacity planned up to 2022 and 75% of estimated capacity to 2025, set to reach 60,000 MW installed renewables.
Renewables investment grew by 29% to €1.05 billion, representing 42% of total. In the first quarter, the company had 8,700 MW of new green capacity under construction: 4,600 MW wind (2,600 MW offshore and the rest onshore), 2,800 MW photovoltaic, 1,160 MW hydro and 150 MW in battery storage. By market, one third is in the United States, one third in Spain and Brazil, and one third in European countries such as Portugal, France and Germany, as well as Australia. At the end of the quarter, Iberdrola's pipeline totals 78,000 MW, of which 18,700 MW are under construction and cover 100% of installed renewable capacity planned up to 2022 and 75% of estimated capacity to 2025, set to reach 60,000 MW installed renewables.
The expansion of the offshore wind pipeline over the past twelve months -20,000 MW at the end of the quarter- supported by new growth markets with high potential, such as Japan, Poland, Sweden and Ireland, will enable the group to have 12,000 MW offshore wind in operation by 2030.
Iberdrola reaffirms its guidance for the end of 2021, with net profit between €3.7 billion and €3.8 billion.
