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Iberdrola Offers To Mobilize 30000 Million With European Funds

admin by admin
May 12, 2021
in Business, Technology
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Iberdrola Offers To Mobilize 30000 Million With European Funds
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Iberdrola has revised up its portfolio of projects and plans that it will present to the European Recovery, Transformation and Resilience funds and aims to mobilize a total investment of 30,000 million euros , spread over a portfolio of 175 projects.

As reported by the company in a presentation sent to the National Securities Market Commission ( CNMV ), the group would lead or be part of these projects, in which some are key partners such as Fertiberia, Volkswagen-Seat, Irizar, Navantia .

In this way, the group chaired by Ignacio Sánchez Galán raises its initial aspiration to the European funds of the Next Generation EU , which initially included more than 21,000 million euros in investments with a portfolio of 150 projects presented to the Government.

In addition, Iberdrola is thus at the forefront of the ‘battle’ of the large energy companies for these European funds, both by number of projects and by investment to be mobilized. Endesa recently raised these targets to mobilize a total of 23.3 billion euros , spread over a total of 122 projects.

Naturgy , for its part, has identified investment opportunities worth almost 14,000 million euros in a hundred of its own projects to be developed in the coming years within the framework of the program, while Repsol has a portfolio of 31 projects, with a total associated investment of 6,359 million euros.

The company obtained a net profit of 1,025.2 million euros in the first quarter of the year, which represents a fall of 19.5% compared to the gains of 1,272.7 million euros in the same period of the previous year, in which recorded capital gains of almost 500 million euros from the sale of the 8.07% stake in Siemens Gamesa.

Without considering this extraordinary impact in 2020, the adjusted net profit of the company chaired by Ignacio Sánchez Galán grew 12% this quarter, to 1,082 million euros, the company reported. The gross operating profit (Ebitda) of the energy company at the end of March was 2,814 million euros, which represents an increase of 2%.

Renewables (+ 27.8%) and Networks (+ 4.3%) drove the gross operating result, while the Generation and Customers business was negatively affected by high energy prices and the adverse meteorological impacts of Filomena (Spain) and Mexico.

Excluding the impact of Covid-19 of 65 million euros and the exchange rate, which amounted to 231 million euros, Iberdrola achieved an operating result of 3,110 million euros in the first quarter of the year, 12.2 million % more. As of March 31st, 81% of the operating income came from countries with an ‘A’ rating.

With these results, and a regulatory environment increasingly aligned with climate action, the company reaffirmed its forecasts for the close of fiscal year 2021, with a net profit that would be between 3,700 and 3,800 million euros and a dividend with a charge to the exercise of about 0.44 euros gross per share, to be paid in 2022.

For its part, the group increased its investments in the first quarter to a record figure of 2,507 million euros , an increase of 45%. This investment effort by the energy company has focused on the business of networks (50% of the total) and renewables (42%).

By country, the United States (725 million euros), Brazil (698 million euros) and Spain (546.5 million euros) account for about 80% of the investment. The rest is completed by other European markets, the United Kingdom and Australia.

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