Spanish multinational electric utility company, Iberdrola, ramped up its investment activities with record investments of €9.24 billion in 2020, the company said in a statement on Wednesday.

The company increased its year-on-year investments in 2020 by 13% to accelerate its response to energy transition challenges.

In line with the group's strategy, the statement said 91% of its investments were allocated to the development of new renewables projects and electricity networks.

Iberdrola said it has reaffirmed its target to double its installed renewable capacity to 60 gigawatts (GW) by 2025 and 95 GW by 2030. The value of regulated assets is estimated at €47 billion by 2025 and €60 billion by 2030.

"Over 17,000 megawatts (MW) are under construction as part of a 74,400 MW pipeline, after adding 25,000 MW in 2020," the statement read.

Following Iberdrola's realized investments, the company said it will also boost net income to €5 billion in 2025 and approximately €7 billion in 2030.

€1 equals $1.22 at 1021 GMT on Thursday.

By Gulsen Cagatay

Anadolu Agency

energy@aa.com.tr