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Investing.com -- Iberdrola has been selected by VicGrid, the transmission planning body in Victoria, Australia, as a strategic partner to design and develop the VNI West Interconnector project.
The interconnector will strengthen the electrical grid and support Victoria’s energy transition goals. Following the design phase, Iberdrola will submit a proposal to build, own and operate the transmission line.
Construction of the project is expected to be completed by 2030. This development aligns with Iberdrola’s strategic focus on network infrastructure in developed markets, though the capital expenditure for this project is not included in the company’s 2026-2028 plan as investments will materialize after 2028.
The agreement reinforces Australia’s position as Iberdrola’s fifth global hub for operations.
Iberdrola shares rose 1% following the announcement.
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