Redeia has closed 2024 with a historic investment of 1.104 billion euros, a 34% increase compared to 2023, consolidating its key role in Spain’s energy transition. This effort has enabled the development of strategic infrastructure for the country’s electrification, with a strong focus on the transmission network and the integration of renewable energy sources.

Expansion of the Electricity Grid and Strengthening of Interconnections

The majority of the investment, 976.3 million euros, has been allocated to the expansion and reinforcement of the transmission network. This funding has facilitated the construction of new lines, and substations, and the modernisation of assets across Spain.

Redeia has also made significant progress in international interconnection projects. The link with France through the Bay of Biscay has received the necessary approvals, while the interconnection with Portugal (Galicia) has already seen the Beariz substation go into operation, with the Fontefría substation set to follow in early 2025.

At the national level, key milestones have been achieved, such as the consolidation of the Peninsular-Ceuta link and progress in the La Gomera-Tenerife connection, where the Chío substation is now operational. Additionally, in the Canary Islands, construction of the Salto de Chira pumped-storage power station continues ahead of schedule, playing a crucial role in energy storage.

Divestment in Hispasat: Strengthening Financial Capacity for New Projects

As part of its strategy to focus on electricity transmission networks, Redeia finalised the sale of its 89.68% stake in Hispasat to Indra for 725 million euros. This transaction values the satellite company at 966 million euros and, despite generating a 137 million euro accounting loss, enhances Redeia’s financial capacity to execute its 2025-2030 Strategic Plan.

“This transaction allows us to focus our efforts on deploying critical infrastructure for the energy transition,” the company states in its report. With this divestment, Redeia completes its restructuring in the telecommunications sector, strengthening its financial position for future investments.

Financial Results: The Impact of Investment on the Group’s Profitability

The increase in investment has influenced the group’s financial figures, with revenues reaching €1.647 billion. Despite the expiration of the regulatory lifespan of certain pre-1998 assets and the reclassification of Hispasat, Redeia managed to increase its EBITDA by 7.8% and operating profit from continuing operations by 6.5%.

Regarding its electricity transmission business, the company recorded 1.396 billion euros in revenue. Its fibre-optic operations generated 148.3 million euros, while international electricity transmission contributed 136 million euros, in line with the previous year.

The group’s net profit stood at 368.4 million euros, although without the impact of the Hispasat sale, it would have exceeded 500 million euros. The company’s net financial debt reached 5.369 billion euros, reflecting the increased investment effort.

From a sustainability perspective, Redeia has surpassed its interim ESG financing target, reaching 69% in 2024, as it moves towards becoming a 100% sustainably financed company by 2030.

Dividend and Commitment to Financial Stability

Redeia’s Board of Directors will propose a dividend of €0.80 per share, in line with its financial policy. This ensures a minimum payout of 0.80 euro per share for the 2024 and 2025 financial years, providing stability for shareholders.

With a record investment and a strategy focused on expanding the electricity network and integrating renewable energy, Redeia solidifies its leadership in Spain’s energy transition, marking the beginning of a new phase of growth in the electricity sector.