By Pierre Bertrand


Iberdrola lowered its investment targets but said that it was planning to increase shareholder payouts, as the Spanish utility company updated its strategic plan to 2026.

Iberdrola said that it is planning to invest 41 billion euros ($44.78 billion ) in the 2024 to 2026 period, adding that this number included EUR5 billion contributed by partners.

Of the total, 60% would be dedicated toward investments in networks, while EUR15.5 billion would go to investments in renewables with more than half of the renewables funding going to offshore wind projects in the U.S., the U.K., France and Germany.

Of the EUR21.5 billion in network investments planned over the period, a majority of 44% will go toward the U.S., the company said.

Iberdrola had previously said it would invest around EUR47 billion in 2023 to 2025 and had previously targeted investments of around EUR17 billion in renewables and around EUR27 billion in networks.

The company added Thursday that it estimated it would pay out EUR11 billion to shareholders in the 2024 to 2026 period, compared with around EUR9.5 billion in the 2021 to 2023 period.

It added that it expected a dividend per share floor of EUR0.55 in 2024-26, compared with a EUR0.50 a share floor previously expected in 2025.


Write to Pierre Bertrand at pierre.bertrand@wsj.com


(END) Dow Jones Newswires

03-21-24 0522ET