Ignacio Galan, the CEO of Iberdrola, has announced that the utility will invest up to €4 billion in France to accelerate renewables adoption.
The announcement was made at Choose France, a virtual Summit organised by the French Government around the need to boost investment in the green recovery.
The investment will be made over the next four years in onshore and offshore wind and solar energy projects.
“France is a strategic country for Iberdrola,” said Ignacio.
“We are already investing €2.4 billion in the development of the Saint-Brieuc offshore wind farm, [and] we have onshore wind projects already in operation and under development.
“The energy transition must be an engine for growth and employment for France and the world.”
The utility will participate in the country’s new offshore wind capacity auctions as part of efforts to reach its decarbonisation strategy.
Iberdrola’s annual procurement from French companies is valued at around €1 billion and the development of the Saint-Brieuc project alone will lead to the creation of more than 1,000 new jobs.
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Commenting on France’s Multi-annual energy programme (PPE), the CEO said the strategy will “lead to a very significant reduction in emissions and pollution; create jobs; allow progress to be made in energy independence; generate a new industry of the future capable of innovating and exporting; and achieve much more competitive energy prices”.
In order to boost this process of decarbonising the economy through electrification, “clear and attractive regulation is needed, as well as speeding up the permitting process”, concluded the Chairman of Iberdrola.