Iberdrola saw an increase in EBITDA of 3.1 per cent to EUR 6,964.5 million in 2014 while its net profit dipped 9.5 per cent to EUR 2,326.5 million.
Underperformance comes as a result of Spanish government’s cut to renewable-power subsidies, the company said.
However, Iberdrola’s CEO, Ignacio Galan, feels optimistic for the upcoming year.
“We think the Spanish economy will be growing closer to 3% than 2%,” said Galan . He believes the company’s profit will grow due to expected increase in EBITDA.
In 2014, the company focused on investing outside Spain. Around half of expenditure went into UK where Iberdrola erected its first offshore wind farm.
West of Duddon Sands wind farm, with a total capacity of 389 MW, was inaugurated on 31 October 2014.
Located approximately 20km off the Barrow-in-Furness coastline in North West England, the wind farm can provide enough electricity to power 280,000 homes.
This year, Iberdrola will focus on investing more money into northeast U.S., where it owns a power firm providing gas and electricity.
Image: Iberdrola