Iberdrola reaffirms its commitment to the Canary Islands. The electric company’s socioeconomic impact in the community reached nearly €126 million last year, including investments, salaries, tax contributions, and payments to suppliers, representing a 38% increase compared to the previous year.
The company’s economic activity – which will hold its 2024 General Shareholder Meeting this Friday, May 17 – is thanks to the work of Iberdrola’s staff in the region. Iberdrola will host a shareholder meeting that is even more participative, accessible, close, sustainable, and innovative, by providing its shareholders with multiple channels to participate remotely and the option to attend virtually.
For the third consecutive year, the company has proposed a dividend of €0.005 gross per share (€1 gross for every 200 shares). If a quorum representing at least 70% of the share capital is reached and the meeting approves this incentive, Iberdrola will pay that amount to all its entitled shareholders. The electric company is the only one in the Ibex 35 that rewards its shareholders in this way.
Commitment to Renewable Energy
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In this region, the company has received authorizations for two wind farms located on the island of Tenerife, one in Granadilla de Abona and the other in Arico. Additionally, in 2023, it energized its Llanos Pelaos III photovoltaic plant, with 7 MW, which will provide clean energy to more than 4,000 households. Moreover, this plant has been awarded the Sustainability Seal by the Spanish Photovoltaic Union (UNEF) for all the environmental measures implemented in the project.
The Tarajales wind farm, located in Granadilla de Abona (Tenerife), has already received its administrative authorization and will have a capacity of 10.4 MW. With its production, it will generate enough energy to supply over 7,000 households and avoid the emission of 13,000 tons of CO2 per year. During its construction, 35 individuals will be employed, and the project will entail an investment of €21 million. National suppliers have been contracted, and 50% of the partners are local.
The Finca wind farm San Juan located in Arico (Tenerife) is currently under construction, will have a capacity of 17.3 MW, and produce energy equivalent to the consumption of 15,960 households, avoiding 28,000 tons of CO2 emissions. It is expected to employ 35 national individuals directly during its construction, of which 50% will be locals, with an estimated investment of €33 million.
Accelerating Investments for Electrification
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The company has committed to invest €6 billion between 2024-2025 in Spain to drive the electrification of the economy, in light of the emergence of new energy demand trends. According to the company, electrification is unstoppable, as there is a need to increase energy self-sufficiency, decarbonization, efficiency, and competitiveness of businesses.
The investments will be focused on developing more networks to connect industry and new customers, as well as customers initiating their decarbonization processes by electrifying their production processes and a selective renewable energy development.
Iberdrola continues to progress in its commitment to energy self-sufficiency and its proactive role as an active agent in the fight against climate change. In fact, within the strategic plan, the company aims to balance its growth in renewables and networks with the goal of becoming carbon-neutral by 2030 in its generation plants and own consumption, and in all its activities by 2040.
