Spain’s largest utility Iberdrola has seen its revenues pass €23bn ($32bn) for the first time in a nine-month period.

In figures released today, the company revealed it made €23.3bn with earnings before interest, tax, depreciation and amortisation (Ebitda) hitting €5.5bn.

A significant driver behind the financial performance was the company’s assets in Brazil. In April Iberdrola bought electricity company Elektro, which went on to contribute €196m in just one quarter, while Brazil as a whole contributed €634m.

Iberdrola’s renewables business generated Ebitda of €1bn and saw capacity rise by 12% to 13,500 MW. In the US, where the company is the number two wind power operator, its installed capacity passed 5,000 MW, while in Europe it says it has projects underway that will total 10,000 MW.