Iberdrola to invest $12.7 billion in the next three years

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.

2_solar2.jpgIberdrola 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.

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