'Shovel ready': Spanish firm to put $500m into Australian wind and solar farm

Energy giant Iberdrola predicts renewables will take 'much more relevant position' in Australia in coming years - and hopes to develop further projects

Spanish energy giant Iberdrola says it has decided to invest $500m in a wind and solar farm in South Australia as the first of a series of renewable power projects it hopes to develop in Australia.

Iberdrola's head of renewables, Xabier Viteri, said that in the new year the company would also probably increase its target for renewable energy from the "ambitious" target of 10GW by 2022.