Iberdrola´s buying spree of wind assets in the U.S.
Spanish energy company Iberdrola has acquired 100% of the U.S. wind power firm CPV Wind Ventures from for $73.8 million and is going to invest $2 billion in the company’s expansion.
CPV Wind Ventures is based in Silver Spring (Maryland) and plans to start building 3,500 MW of wind power next year across 15 U.S. states. It also has a contract for a large block of General Electric wind turbines to support the development portfolio.
Iberdrola’s aim is to use its capacity to boost its own total US wind-generating output to around 8500MW. Its current worldwide portfolio includes projects with a capacity of 18,500 MW.
Photo: Courtesy of Iberdrola
CPV is the latest in a series of U.S. investments by Iberdrola. To the acquisition in May 2005 of Community Energy, from Pennsylvania (2,000 MW in wind projects), it added some months ago the purchase of MREC Partners and Midwest Renewable Energy Proyects, based in Joice (Iowa), with a 1.600 MW wind portfolio.
Besides, Iberdrola has an agreement with Gamesa by which it is going to be progressively buying from it between 2007 and 2009 different wind projects to be built in Pennsylvania, Texas and Illinois (with an installed capacity of around 1,000 MW).
To top it all, indirectly, through its acquisition of Scottish Power, Iberdrola also controls PPM Energy in the Northwest, that owns more than 800 MW in wind energy assets and is rapidly driving toward a stated goal of 2,000 MW.