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Iberdrola to spend $6bn on US wind energy

UNITED STATES: Spanish utility Iberdrola plans to invest $6billion in developing US wind power between now and 2013, Bloomberg has reported.

Iberdrola U.S. will add 3GW in three years, its vice president of strategic planning Frank Burkhartsmeyer told the World Energy Congress in Montreal.

The parent company had previously said it plans to spend €9billion on renewables – mostly wind in the US, UK and Spain – by the end of 2012.

According to Bloomberg, Iberdrola has received $867million in US Treasury funding, the news service reported. The company has a gigawatt of US transmission rights, weighted towards western states.

But, Burkhartsmeyer said reduced electricity demand and abundant natural gas "lowers our returns in the near term".

Iberdrola has installed over 3.8GW of US wind power and says it has another 850MW under construction.

The move follows Iberdrola’s announcement last week that it is to invest €4.8billion in the UK over the next two years through its British subsidiary ScottishPower, with two thirds of the investment earmarked for wind projects, smart grid and distribution networks.

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