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Iberdrola gets $1.15 million subsidy to stay in Portland

UNITED STATES: Iberdrola Renewables, has been handed a $1.15 million tax subsidy as part of a 10-year agreement to keep its North American headquarters in Portland, Oregon.

Iberdrola's US control centre is based at its Portland HQ
Iberdrola's US control centre is based at its Portland HQ

The deal with the city, follows Iberdrola’s decision last month to lay off 50 workers – including 25 from its Portland staff.

The Spanish company retains roughly 850 employees on its US payroll, including about 350 in Portland. It blamed the layoffs on a struggling economy and doubt regarding an extension of the lucrative federal production tax credit, scheduled to expire in January 2013.

"The Portland Development Commission will vote to finalize the deal next week," said Iberdrola spokeswoman Jan Johnson. "But we’re definitely looking at it as a 10-year lease to stay right where we are."

In addition to administrative offices, Iberdrola maintains a 24-hour national control centre in the heart of the Pacific Northwest city, where it monitors some 50 wind farms and more than 5GW of renewables in operation. The company, which has invested $9 billion in US wind farms and other facilities since 2001, had explored moving its headquarters to Colorado, Pennsylvania and Texas.

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