More than one-fifth of the 10.5 billion euros ($13.5 billion) that Spanish electric utility Iberdrola plans to invest between 2012 and 2014 will be allocated to Latin America.

Of that total, down 37 percent from the 2009-2011 period, 42 percent of the outlays will be made in Britain and 23 percent in Latin America, Iberdrola said in its latest Strategic Plan submitted to the CNMV stock market regulator.

The investments will mainly focus on projects that have short development periods, are predictable and profitable and generate positive cash flow in the short term.

Iberdrola will concentrate on two areas: transmission and distribution networks and renewable energies, which will account for 59 percent and 25 percent of the total, respectively, while its power generation unit will account for 13 percent.

Investment in renewables will mainly focus on the wind sector.

On the other side of the Atlantic, Iberdrola said it will concentrate its investments in the United States on its networks and renewables businesses, while in Latin America the bulk of the investment outlay will go to Brazil and Mexico.

In Mexico, the company said it will be alert "to new opportunities that may arise from a greater opening of the energy sector."

In Brazil, where Iberdrola's Rio do Fogo wind power facility is already operational, the company plans to build at least 10 new wind farms and develop other hydroelectric projects, the company said.