Iberdrola outlines renewables expansion

SPAIN: Spanish electricity giant Iberdrola has announced plans to invest €9 billion in renewables over the next three years, after recording a €2.8 billion profit last year.

Iberdrola's Big Horn in Washington: company plans further overseas expansion
Iberdrola's Big Horn in Washington: company plans further overseas expansion

In total, the company plans to invest 18 billion up to 2012, consolidating its international expansion and strengthening its involvement in renewables generation.

Its focus for growth will be the US, which is in line to receive 39% of the company's total investment. Much of this will go towards wind farms and electricity transmission and distribution, the company said.

The company already has 3,500MW of installed wind capacity in the US, and a project pipeline of 23,500MW, reflecting the $577 million of US Treasury grants it secured last year for renewables.

Meanwhile, the UK is set to receive the second largest share - 25% - of Iberdrola's planned investment, with the bulk again earmarked for renewables.

Iberdrola already has 802MW operational and a further 5,200MW projected. Along with Sweden's Vattenfall, Iberdrola is also in line to develop a possible 7,200MW, having successfully bid for one of the UK's round 3 offshore zone licences.

Spain will receive 24% of Iberdrola's investment, and Latin America and other parts of the world 12%.

By business area, renewables will account for the largest share of Iberdrola's planned investment - €9 billion - while €6.3 billion and €2.7 billion will be invested in networks and generation and supply respectively.


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