09 May 2020
Posted in Coronavirus
Iberdrola prepares for strong start after COVID-19 pandemic, says GlobalData
Iberdrola is planning to significantly increase its investments in renewables and promote employment, using accelerated investments as the solution to get through the COVID-19 crisis.
Somik Das, Senior Power Analyst at GlobalData, comments: “The company believes that the best strategy to secure its position and mitigate risk post the COVID-19 pandemic is to carry out investments. Despite the pandemic, Iberdrola managed to place an issue of green bonds worth €750m ($808.6m). As per the company’s strategy, the funds obtained will be used to finance or refinance onshore wind farms in Mexico, Spain and the UK.
“Iberdola is preparing temporary relocation contingency plans to keep its workforce safe and ready for work post-pandemic. By increasing capital investments, placing more orders, and ensuring employee safety, the company intends to support the market. If their strategy succeeds, the company would be in a strong position post the pandemic, and achieve their 2020 targets.”