Iberdrola expands into energy efficiency through home renovations start-up

Iberdrola's self-consumption system in a home. Image source: Iberdrola (www.iberdrola.com)

February 16 (Renewables Now) - Iberdrola SA (BME:IBE) has invested EUR 1 million (USD 1.14m) in Spanish home renovations start-up Aqui tu Reforma and took a stake in it in an effort to gain more ground in the energy efficiency sector.

The investment was made through Iberdrola’s Perseo incubator, which the Spanish utility giant established to support start-ups that develop innovative electrification solutions and decarbonisation technologies.

According to Iberdrola, Aqui tu Reforma is focused on refurbishment and renovation of homes and buildings. It has more than 130 renovation companies operating under the Aqui tu Reforma brand in Spain, and agreements in place with large multinationals in the home and renovation materials sector and banks.

With Iberdrola’s contribution, the two companies will be able to combine their capabilities and offer customers products such as renewable air conditioning solutions, namely aerothermal systems, thermal insulation, efficient windows, lighting, solar self-consumption, electric vehicle charging, among others, the utility said.

Last year’s spike in wholesale electricity prices led Spaniards to install over 1 GW of solar self-consumption systems for their homes and businesses in 2021, Spanish association of renewable energy companies APPA said in late January.

The boom has extended to other energy saving technologies, as their installation can be supported with various amounts of incentives depending on the region and sector. Between November and February, the Madrid region government received close to 17,500 applications from citizens and companies for subsidies to install solar panels for self-consumption, energy storage and renewable thermal systems, Spanish daily La Razon has reported.

(EUR 1.0 = USD 1.138)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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