Iberdrola has committed to invest a further A$3bn (€2bn) in the development of renewable energy in Australia.

Following a meeting in Canberra between Iberdrola’s chairman and CEO Ignacio Galan and Australian prime minister Anthony Albanese, the Spanish renewable energy company has earmarked up to A$3bn in investments over the next three years. 

Iberdrola has already invested A$2bn in Australia.

The company was given the green light last month to begin construction of the Mount James Wind Farm in Queensland which is expected to cost up to A$2bn to develop.

Galán, who also met Chris Bowen, Australia’s federal minister for climate change and energy, said Iberdrola intended to deliver new renewable energy capacity, battery storage and green hydrogen projects, and to invest in transmission networks in Australia.

“The country’s huge renewable potential, and its tradition of clear and stable policy frameworks, creates the opportunity for Australia to establish itself as a leading global powerhouse in the energy transition,” he said.

Galan also spoke of enhancing Australia’s reputation as one of the largest global energy exporters by realising its massive potential to produce green hydrogen.

He said his company was actively seeking new opportunities and was analysing a range of green hydrogen investments.

Globally, Iberdrola is a leader in green hydrogen, with 60 projects progressing in 8 countries, including the recent completion of Europe’s largest industrial green hydrogen plant in Spain.

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