Iberdrola SA said it will invest €32 billion in its operations from 2018 to 2022 as the Spanish utility announced an increase in its full-year net profit.

The company said €15.5 billion will be spent on networks, €11.5 billion on renewables, €2.8 billion on generation and retail, and about €1.4 billion on contracted generation.

The company noted that 75% of the planned investments are "already committed or practically secured."

For 2017, net profit edged up 3.7% year over year to €2.80 billion. Iberdrola said the increase was driven by its network business and the integration of Brazil's Neoenergia S.A. as of September 2017.

The company also recorded a noncash net positive impact of €1.28 billion due to the recently enacted U.S. tax changes.

Full-year EBITDA fell 7.8% to €7.32 billion, which the company attributed to a drought in Spain and higher net operating expenses.

Full-year revenues rose to €31.26 billion from €28.76 billion in full year 2016.

Looking ahead, net profit is estimated to range from €3.5 billion to €3.7 billion in 2022.

For 2018 to 2022, the company projects continued increase in profits, with EBITDA estimated to be between €11.5 billion and €12 billion at the end of the said period.