Galán (Iberdrola) meets with the Prime Minister of Australia to detail its investment in renewables

the president of Iberdrola, Ignacio Sanchez Galanhas met with the prime minister of Australia, Anthony Albanese and with Chris BowensFederal Minister of Climate Change and Energy, to detail the investment up to 3 billion of euros that the Spanish electricity company intends to make in the country. Galán has outlined the company’s plans to supply new capacity for renewable energy, battery storage projects green hydrogen and investment in transmission networks.

“The full ratification of the objectives of decarbonization of Australia aligns federal policies with the ambitions already shown by most states, and the commitment shown by Australian business and society in general. The enormous renewable potential of the country and its clear and stable political framework They provide the best scenario for Australia to establish itself as a leading world power in the energy transition, maintaining its leadership as one of the world’s largest exporters of energy thanks to green hydrogen”, assured the president of the electricity company.

Sánchez Galán wished to emphasize that “Iberdrola is prepared to invest and contribute its resources and skills to help promote the new jobs and economic opportunities that a greener and smarter energy system provides to Australia.

“There is a huge global demand from the industry for new climate solutions As the green hydrogen, green ammonia and green steel. With abundant natural resources and the energy-skilled workforce required to develop these products on a large scale, as well as established energy trading partners, Australia can quickly lead the way in these new clean economy technologies.” meeting with the Australian leader.

Iberdrola, leader in Australia

These three days the chairman of Iberdrola has maintained meetings and gatherings with various Australian authorities, both at the state and federal levels, as well as with employees of Iberdrola Australia. The company has made a strong bet by the Australian energy market from 2020 with the acquisition of Infigen Energy, Australia’s leading renewable energy company. The new investment figures double the 2,000 million that Iberdrola Australia has already invested in projects such as the solar park in Avonlie and the wind farm Flyers Creekin New South Wales, and the renewable energy park of Port Augusta, in South Australia, the largest hybrid wind-solar park of the southern hemisphere.

Similarly, in recent months Iberdrola has acquired the rights to the largest wind farm in the world in Mount James, with 1,000 MW, the photovoltaic plant Broadsoundof 360 MW, in queensland and has invested in a smart solutions business, Autonomous Energy, which offers tailor-made energy products for commercial and industrial companies. Iberdrola has a mature portfolio of more than 2GW of development projects and expects to reach the 4 GW in the next few yearswhich will facilitate the consolidation of renewable energies as the main vector of the energy transition.

At present, the company has installed in the mainland 1,062 renewable MW (wind, solar and batteries) and is building two new facilities with a combined capacity of 391 MW, scheduled to start up in 2023. Underlying all these investments is the commitment to place customers at the center of the energy transition, providing them with a reliable, affordable and green energy. The industrial clients the company serves include some of Australia’s most iconic brands, such as mining bhp and the supermarket chain Woolworth’s.

Earlier this year, Iberdrola created its networking business in australiagiven that the country’s electricity grids, mainly transmission infrastructures, will have to be drastically expanded to capture the wind and solar resources and transport energy to population centers located on the coast. The initiatives of the federal and state governments have made it possible to create a climate of trust for foreign investment to develop new renewable generation and transmission projects.

The role of green hydrogen in clean energy

Iberdrola is analyzing a series of investments in green hydrogen. Worldwide, Iberdrola is the leader in green hydrogen, with 60 projects underway in 8 countries, including the recent completion of the largest industrial green hydrogen plant in Europe in Spain.

The electricity market in Australia is experiencing a profound transformationmoving from a centralized generation system based on large fossil fuel installations (coal and gas) to a distributed generationfundamentally wind and solar energy.

The transition of the electrical system to deal with a greater proportion of renewable energy is the greatest challenge facing the country. This challenge in turn presents enormous opportunities to help companies manage their energy costs, as well as capture new sources of increase.

Added to the huge portfolio of renewable energy and storage projects is the strong residential demand of solar and battery technology. The main levers to ensure continued strong growth in renewable capacity are updating the transmission and distribution network and the reduction of the cost of the technologies of storage. Additionally, opportunities for the economy are emerging as the country embraces new sectors such as green hydrogen, ammonia and green materials, as well as opportunities for innovation in offshore wind and storage.