Iberdrola reaps 37.3% profit increase for 2009

SPAIN: First quarter 2010 results posted April 27 by top global wind operator, Spain's Iberdrola Renovables, register net profits totaling €156 million a 37.3% rise on the same period for 2009. Pre-tax earnings was up 30.4% to €441million.

Company president, Ignacio Sánchez Galán, maintains a year-end 2010 profit growth estimate of 20% on last years figures. He cited the visibility and geographic diversity of the company's activities as enabling it to focus on stronger markets.

The company expects to install 1750MW this year, to bring the cumulative figure to 1.25GW. It already brought 500MW online during first quarter 2010.

A further 500MW of installed capacity was undergoing tests, while just over 900MW was building, by end-March. At the close of Madrid's stock exchange April 27, the company's share value rose 3.35%, against falls of 3% to 4% by other renewables companies.Iberdrola, with over 10.7 GW of wind power under its belt, plans to invest € 9 billion in renewables, mainly wind, to end-2012.

Recently it was revealed that Iberdrola plans to invest € 9 billion in renewables, mainly wind, to end-2012.

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.