Spanish utility's joint venture expansion into Greece

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Spanish utility Iberdrola sealed its position as the world's leading wind power developer at the end of 2004 with a joint venture expansion into Greece. The company's purchase of 49.9% of Rokas, Greece's top wind firm, makes Iberdrola joint owner of 185 MW of Greek wind plant, 45% of Greece's wind capacity. Publicly traded Rokas has a further 226 MW in development and a 600 MW target for 2008. Iberdrola's purchase payments are phased to 2008 and the final price, estimated at around EUR 85 million, depends on Rokas' performance. The purchase brings the total volume of wind power operated by Iberdrola to just over 3000 MW, 94% of which it owns outright. In the United States, FPL Energy operates 2750 MW.

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