Spain-based energy company Iberdrola has reported a 12% increase in adjusted net profit for the first quarter of the year to €1.08bn.

The company’s reported net profit for the quarter stood at €1.02bn.

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During the quarter, its earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 2% to €2.81bn. Its adjusted EBITDA increased by 12% to €3.11bn.

Iberdrola has made €2.5bn investments in the first quarter, which represents a 45% increase.

The company earmarked 92% for grids (50%) and renewables (42%). Of the total investment, the US, Spain and Brazil account for almost 80%.

As of 31 March, 81% of the group’s EBITDA came from A-rated countries.

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Iberdrola chairman and CEO Ignacio Galán said: “The acceleration of investments allows us to grow at a faster pace than initially planned while sustaining more than 30,000 quality jobs through our supply chain in Spain.

“Iberdrola is putting all its financial strength and leadership at the service of economic recovery in all the countries where we operate.”

Iberdrola’s cash flow for the first quarter increased by 7% to €2.27bn.

During the quarter, the company had 8,700MW of green capacity under construction.

At the end of the quarter, 18,700MW of the company’s total 78,000MW pipeline is under construction. This covers all of the installed renewable capacity that it has planned for up to next year.

Iberdrola has connection rights for 15,000MW in Spain alone and land rights for an equivalent capacity.

Over the last 12 months, the company significantly expanded the offshore wind pipeline. In the first three months of the year, it strengthened its leadership position in green and sustainable financing, exceeding €32bn.

In March, Iberdrola signed an agreement with CEE Equity Partners to acquire three onshore wind farms with a combined capacity of 163MW in Poland.