Spanish energy company Iberdrola surviving downturn

MADRID, July 22 (UPI) -- Spanish energy group Iberdrola said Wednesday its profits for the first six months of 2015 were up more than 7 percent from the same time last year.

"Iberdrola is now beginning a new cycle of growth with investment set to be around $4.3 billion per year," the company said in its report for the first half of the year.

The company said it recorded net earnings before interest, taxes, depreciation and amortization of $4.2 billion in the six months to June. Iberdrola, a leading international renewable energy provider, said its new growth cycle would focus on expanding its global footprint while maintaining a strong financial position.

Its robust report comes as peer companies focused largely on oil post profit declines in a market downturn characterized by weak crude oil prices.

Representatives from Iberdrola joined more than 100 of their European counterparts at a climate summit in New York last year. There, the company said it would strive to cut its emissions to a level that's at least 20 percent lower than the average for the European sector in 2020.

Iberdrola said it has one of the most balanced portfolios in the world, with the bulk of its portfolio coming from renewable resources.

In its first-half statement, the company said its total developments in queue will add 2,500 megawatts of power to its renewable energy, 1,180 MW in hydroelectric and 760 MW in natural gas capacity.

Iberdrola is targeting U.S. counterpart UIL Holdings with a $3 billion takeover. The Spanish company said progress on integration is continuing and the deal should close by the fourth quarter.