The world’s largest renewable energy operator, Spanish company Iberdrola, said it plans to invest $8 billion in the U.S. between 2008 and 2010.
At the end of March the company owned 2,400 megawatts (MW) of wind power capacity in the U.S. and intends to boost that figure to 3,600 MW by the end of the year.
The Bilbao-based company said its end goal is a 15% share of the wind power market in the U.S., which Iberdrola chairman Ignacio Sanchez said is the company’s most exciting growth market, due to the nation’s appetite for energy and the rising price of fossil fuels.
Iberdrola Renewables’ U.S. energy business, PPM Energy, announced in February that it had sold all the output of its 99-MW Pebble Springs Wind Power Project before even breaking ground.
Iberdrola’s recent purchase of Scottish Power boosted the company’s first-quarter net profit to EUR 1.2 billion, up from Eur 458 million year-over-year.
About PPM Energy
PPM Energy, headquartered in Portland, Oregon, is one of North America’s leading wind power providers with more than 2,000 MW of wind power in operation. PPM is part of Iberdrola Renewables, one of the leading wind energy providers in the world, with more than 7,000 MW of wind power online worldwide and with a pipeline of more than 41,000 MW of wind power.
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