Spain's second largest utility, Iberdrola, has announced the creation of a renewables development division for Castile and León region where last year the company said it had 38 wind projects under its wing. The new company will be called Biovent Energía, which Iberdrola hopes will get about 100 MW of projects up and running by the end of the year. Biovent Energía is also looking for other renewables opportunities in Castile and León, though it has not yet announced any solid projects. Biovent is made up of 85% capital from Iberdrola while industrial group Grupo Gasindur controls 10% via its energy division Indur Energía. Caja Duero, a bank, controls the remaining 5% via its special business arm, Grupo de Negocios Duero. Iberdrola says it already operates 1070 MW of renewables generation capacity, mostly from wind plant put up by Energia Hidroeléctrica de Navarra (EHN), in which it has a 37% stake, and by Energías Eólicas Europeas, an EHN-Iberdrola joint venture. The utility also says it has 540 MW building and another 1680 MW authorised, which, together with the on-line figure, accounts for 86% of the utility's 3834 MW objective for installed wind power capacity in 2006.