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UPDATE 2-Iberdrola pledges more growth as 9-month profit rises 4.7%

Wed, 21st Oct 2020 07:45

(Adds detail)

By Isla Binnie

MADRID, Oct 21 (Reuters) - Spanish green energy company
Iberdrola reported 4.7% net profit growth for the first
nine months on Wednesday and said it still expected that metric
to rise at a mid to high-single digit rate this year.

Boasting more than 32GW of renewable generation capacity in
markets including Spain, the United States, Brazil and Britain,
Iberdrola is capitalising on rising global enthusiasm for
cutting carbon emissions.

Net profit of 2.68 billion euros ($3.18 billion) came in
line with an average analyst estimate provided by the company.

Despite lower power demand and provisions for insolvency
linked to the coronavirus pandemic shaving 203 million euros off
net profit so far this year, Iberdrola said it would keep
spending to reach an investment target of 10 billion euros.

"In spite of the difficult environment we live in, speeding
up our investments pushes us to remain a vital engine in the
economic recovery and job creation," said Chief Executive
Ignacio Galan.

Acting on that strategy, Iberdrola has agreed to buy U.S.
utility PNM Resources through its local unit Avangrid
in a deal worth $8.3 billion including debt.

Shares opened a touch lower from the day before, down around
0.1% in early trade in Madrid.

($1 = 0.8436 euros)
(Reporting by Isla Binnie, Editing by Jose Elías Rodríguez and
Louise Heavens)

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