Announcing the project in June 2023, Iberdrola noted that the US was the main destination for the company’s investments, allocating USD 21.5 billion (around EUR 19.7 billion) up to 2025, with USD 9 billion (around EUR 8.2 billion) already invested in the country from 2020 to 2022.

In the transmission and distribution grid business, Iberdrola’s investments in the US are aimed at modernisation and digitalisation to increase the quality of service and resilience to extreme weather events and to enable the integration of more clean energy into the system, the company said.