Q&A with Santiago Bañales Lopez, Managing Director

When did Iberdrola begin operations in Qatar and what was the deciding factor/s that led to starting operations in Qatar?

The relationship between Qatar and Iberdrola has a very long history. It started more than 20 years ago with the purchasing of natural gas for our power plants and clients. The next milestone was the $1.6bn award to our engineering company in 2008 to design and construct the Mesaieed power plant, the largest combined cycle facility in Qatar. And in 2011 Qatar Investment Authority invested for the first time in Iberdrola eventually becoming our largest shareholder. Since then our relationship with Qatar has been continuously growing.

Iberdrola recently announced plans to launch an Innovation Centre in Qatar, what is driving this business decision?

The recent agreement with Investment Promotion Agency (Invest Qatar) is a new milestone in our already rich cooperation with the State of Qatar. We incorporated Iberdrola Innovation Middle East, our global digital energy innovation center, at the Qatar Science and Technology Park back in 2016 and the agreement with Invest Qatar entails a very significant expansion of our innovation activities in the country.

What benefits will the innovation centre provide to the development /growth of Qatar’s R&D sector? How do you see its outlook/growth over the next few years?

There are three main benefits: (a) the hiring and development of local engineering talent; (b) the engagement of the Qatar innovation ecosystem of universities, technology centres and start-ups in the most pressing challenges of the global energy sector and (c) the application in the country of the best made-in-Qatar digital technologies to increase overall productivity. We aim to increase our innovation impact by a factor of three in the next 5 years.

ESG investment and adopting sustainable investment strategies has become crucial for many investors, how is Iberdrola approaching this challenge and what opportunities do you see for Qatar in this space?

Starting with our clear bet on renewable energy since 2000, Iberdrola has consistently been considered one of the most sustainable electric utilities in the world, having for instance been included for the past 22 years in the Dow Jones Sustainability indices. Iberdrola has continued to move forward with its commitment to the Paris Agreement to become a carbon-neutral company in Europe by 2030 – 20 years in advance of the European Union’s goal. Qatar has undertaken large efforts in that direction organising a carbon-free World Cup and I see this as a great opportunity to continue with a sustainability agenda in line with Qatar National Vision 2030.

Energy security and sustainable energy investments have become increasing priorities globally, are you able to shed light on Iberdrola plans around these two topics and the role your Qatar operations may have in these plans?

Iberdrola is currently delivering our strategic plan 2020-2025 that includes an investment of €75bn in renewable energy, digitalised electricity networks and smart solutions for our customers. From our Qatar operations we contribute to making the best out of these investments by developing digital technology products and services that improve substantially the effectiveness and productivity of these investments.

Final question, you have been in Doha seven years, what would be your advice or recommendation to other business professionals considering a move to Qatar?

Qatar offers great opportunities for global business professionals ready to contribute to the fulfillment of the country’s National Vision 2030 agenda of developing a knowledge-based, diversified, and sustainable economy. From a lifestyle perspective, the country offers a safe and family-oriented environment in a truly international and multicultural setting that is unique and distinctive.