Iberdrola to invest up to 4 billion euros in French renewable energy

FILE PHOTO: Iberdrola CEO, Jose Ignacio Galan speaks during a press conference near Ribeira da Pena, Portugal, January 28, 2020. REUTERS/Pedro Nunes

LONDON (Reuters) - Spanish utility Iberdrola IBE.MC said on Wednesday it will invest up to 4 billion euros ($4.5 billion) over the next four years in France to develop renewable energy.

Iberdrola said it is already investing 2.4 billion euros in the Saint-Brieuc offshore wind farm in France and plans to invest in new onshore wind, solar photovoltaic and participate in future offshore wind capacity auctions.

“France is a strategic country for Iberdrola,” said Ignacio Galán, chairman and CEO of Iberdrola.

“The company is very interested in participating in the new offshore wind capacity auctions to be held in the future by France,” he added.

Reporting by Nina Chestney; editing by Jason Neely