Iberdrola Renovables, the soon-to-be-listed renewable energy arm of Spanish utility Iberdrola, will invest around $4.2 billion a year in the period up to 2010, according to Iberdrola´s Chairman, Ignacio Sánchez-Galán. 54 percent out of those figures is earmarked for the US. The company expects to keep up similar levels of investment until 2014, adding up to a total of almost $31 billion.
The aim of the company is to nearly double its installed capacity to 13,600 megawatts in 2010 from the 7,342 it had in place at the end of September.
Iberdrola will float 20 percent of Renovables (“Renewables”) on the Madrid market next month. It may raise as much as 5.9 billion euros ($8.7 billion) in the initial public offering, making it Spain’s biggest share sale.
Iberdrola is considered the leading renewable energy producer in the world, with a global project pipeline of about 41,000 MW in various phases of development.
The main objective of the company´s strategy is the consolidation of recent acquisitions, namely Scottish Power and the US’ Energy East, coupled with organic growth.