The investment, revealed after the utility's annual shareholders' convention, represents half of an of the €18 billion investment the group is planning over the same period. The funding will mainly be focussed on the US, UK and Spain, which are already the biggest markets for Iberdrola Renovables.
The utility is withholding detailed information on the plans, although analysts expect more to be revealed when Iberdrola reports its first quarter 2010 results on April 27.
Before the shareholders convention, Iberdrola had already posted with Spain's bourse regulator its official expectation of adding 1.75GW of new capacity in 2010. Much of this is to come from wind power.
A large part of that will be for the booming US market, where Iberdrola Renovables already operates 3.4GW and claims to be building an additional 446MW, out of 937MW currently under construction worldwide. USA currently accounts for 43% of Iberdrola Renovables' 58.4GW global project pipeline.
Apart from capacity under construction, an undisclosed part of Iberdrola's renewables investments 2010-2012 has already gone into the recent acquisition of the 400MW Ventotec offshore project in Germany. The wind farm is scheduled for commissioning in 2015.
