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Ignacio Galán, who is in Dubai to participate in the various forums held during COP28, explained in a live interview with Bloomberg some of the details of the deal signed with Masdar, which provides for an investment of 15 billion euros for the development of new offshore wind and green hydrogen projects. Iberdrola's executive chairman told the US television channel that the first milestone of the agreement, which will be to invest nearly $4 billion in the East Anglia 3 wind farm in the UK, will be completed in the coming weeks.

Galán also addressed the rules regarding local components for the development of solar projects and their impact on the industry, mentioning that the Group is moving towards the market for the manufacture of photovoltaic solar panels, such as the one that will be created by the alliance signed with the Asturian business group Exiom. In this regard, although some components will continue to come from China, the company's intention is to increase the added value of these products in Europe.

On the regulatory framework and the windfall tax debate in Spain, he stressed that to reach the target of tripling renewables by 2030, the government should offer more incentive and fewer penalties. "This is especially crucial for us to achieve the target we are setting," said the Iberdrola executive chairman.

He also clarified that Iberdrola proactively signs contracts with suppliers just after concluding agreements with governments following auctions. This proactive approach, which avoids last-minute agreements, is key to ensuring price stability. 

Finally, the Iberdrola executive chairman commented on the financial challenges of the green transition and the potential risks in the US, recalling that the country has supported the green transition for many years, and that the current Inflation Reduction Act of President Joe Biden's administration will reinforce the long-term commitment. "I am optimistic about what can be achieved," Galán concluded.