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Wind survives Iberdrola austerity plan

WORLDWIDE: Spanish utility Iberdrola, plans to install 1.4GW of new wind power globally to 2014 -- with a focus on British offshore development -- despite austerity measures that will produce divestments of €2 billion globally.

These figures form part of the company's strategic plan 2012-14, announced in London earlier today.

Wind will absorb €3 billion, or 25% of Iberdrola's €12.3 billion global planned investment, 30% down on 2009-11. Wind investment is second only to grid infrastructure, which receives €7.3 billion (59%).

Chairman Ignacio Galán said a chief focus will be completing the 389MW West of Duddon Sands offshore project in the Irish Sea through British affiliate Scottish Power in partnership with Danish utility Dong Energy.

Another key aim is to complete ten Brazilian projects totaling 288MW granted power purchase agreements last year.

Galán confirmed divestments in non-strategic wind markets and areas. While he did not specify, reports are rife regarding ongoing divestment totaling 550MW across onshore wind assets in France, Germany and Poland.

However, onshore investment in emerging markets remains strategic and, yesterday, Iberdrola refuted rumours of a plan to divest of its 1.2GW Dobrogea project in Romania, where 80MW are already turning.

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