Spanish firm Iberdrola is to invest €12.3bn ($16.4bn) between now and 2014 on energy projects, with the lion’s share going on transmission and distribution grids and renewables.

The company has revealed that 59 per cent of total investments will be spent on T&D, and 25 per cent on renewables.  Electricity generation will receive 13 per cent and the remaining 3 per cent “will be directed towards other businesses”.

Following this investment, Iberdrola expects that by 2014 its regulated and renewable businesses will contribute 77 per cent of the company’s earnings, compared with 68 per cent in 2009.

The company plans to concentrate its investments in the UK and Latin America, particularly Brazil, with the regions receiving 42 per cent and 23 per cent respectively.

Bilbao-based Iberdrola owns Scottish Power, one of Britain’s co-called ‘Big Six’ energy providers, and last year it’s UK division saw net profit rise 35 per cent to nearly €2bn, which helped to offset a weaker performance in the company’s domestic Spanish market.

It also owns a 50 per cent stake in NuGen, a consortium with GDF Suez that hopes to build a new nuclear power plant in England.