Iberdrola’s total renewable energy generation has also fallen half-on-half, from 82,706GW in the second half of 2025 to 45,906.2GWh in the first half of this year, but this is not necessarily a cause for alarm; in 2025, the utility’s H2 electricity generation was almost double that of its H1 output, so the second half of this year may prove to be more productive for the company.

Indeed, Iberdrola reported a 13% half-on-half increase in earnings, attributing this increase to the work of its power networks and grid infrastructure as the “main growth driver”, and today reaffirmed its full-year outlook for adjusted net profit growth as over 8%. The utility expects to bring online an additional 2.1GW of new generation capacity by the end of this year.

This confidence likely stems from the company’s sustained deployment of new renewable energy capacity in general, and solar PV in particular. As shown in the graph above, the utility’s two largest countries by operational solar capacity—Spain and the US—have seen sustained growth in operational capacity since the start of 2025. This year, the company has also advanced projects in Italy, Oregon and Australia.

The graph also shows the loss of the company’s Mexican operations—shown in green in the 2025 sections—following the sale of its Mexican assets to Mexican utility Cox for US$4 billion in April.

The latest financial figures exclude the contribution of the company’s Mexican projects—including the work of its Mexican energy assets prior to the sale and the capital gains secured through the deal—which Iberdrola values at a combined US$1.17 billion.

A lack of available grid capacity has been a long-standing challenge for the renewable energy transition across a number of sectors, and Iberdrola plans to invest US$42.2 billion into grid infrastructure to meet this challenge. More than 70% of this investment will go towards grids in the UK and the US as it plans to increase its asset base by 40% by 2028.

However, this means the majority of its investments will not go towards its home market of Spain, which is significantly affected by curtailment at present. Figures from Aurora Energy Research show that Spain endured a record 2.5TWh of curtailment in the first half of 2026—50% higher than the total curtailment reported in 2024—and the analyst expects a 55% increase in curtailment between 2024 and 2030.

Elsewhere in Europe, Iberdrola announced that it has acquired an 80% stake in Caruna, Finland’s largest electricity distribution network with 1.5 million customers, in a deal worth US$5.7 billion. Iberdrola expects to complete the deal in the first quarter of 2027 and marks the company’s entry into Finland, as part of what it describes as a plan to invest in networks “in stable markets with attractive regulatory frameworks”.

“This transaction reinforces our strategic commitment to electricity networks as essential infrastructure for promoting energy security, self-sufficiency and competitiveness,” said Iberdrola executive chairman Ignacio Galán.