Iberdrola to invest $8B in U.S. clean energy

Posted on May 20, 2008. Filed under: Wind |


Iberdrola owns a wind project called Top of Iowa, which sells electricity into Wisconsin through contracts with WPPI and MGE. This story by Craig Rubens comes from Earth2Tech.com:

Iberdrola Renewables, one of the largest owners and operators of renewable energy facilities in the world, announced yesterday its plans to invest $8 billion in American renewable energy by 2010. A large part of the money will go to expanding Iberdrola’s wind energy capacity, but the company also said it intends to invest elsewhere in American clean energy.

The company says it already operates 2,400 megawatts of wind turbines in the United States with plans to boost that to 3,600 megawatts by the end of the year. The company says it aims to control a 15 percent share of the American wind industry by 2010, and is already the world leader in installed wind capacity with over 7 gigawatts of installed capacity. Iberdrola jumped ahead of the former leader, Florida-based FPL Energy, last year with the help of an extra 1.45 gigawatts it acquired when it bought ScottishPower’s wind assets.

Iberdrola’s big move into U.S. wind is part of a growing trend of foreign firms buying into the U.S. wind boom. According to Clean Edge, Iberdrola’s North American headquarters in Radnor, Penn., has plans for 22,000 megawatts of new wind power in the U.S.

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