Iberdrola Renewables (IBR.MC), one of the world’s largest developers of renewable energy projects, increased its production of electrical power in the first half of 2008 by some 83.5% over the same period in 2007, according to a company release.
Wind energy, at 8,260 million kilowatt hours (kWh), contributed 96.5% of all electricity produced by the Company over the first six months of 2008. By geographic area, Spanish wind farms contributed 4,417 million kWh (51.6% of the total), the US 2,739 million (32%), the United Kingdom 529 million (6.2%), and the rest of the world 575 million (6.7%).
Small-scale hydroelectric plants generated 298 million kWh between January and June 2008, 3.5% of all electricity produced by Iberdrola Renewables during the period.
Iberdrola Renewables also achieved installed power of 7,949 megawatts (MW) at the close of the first half of the year, an increase of 68.4% over the same period the previous fiscal year. Of this capacity, 7,607 MW corresponds to wind farms, and 342 MW to small-scale hydroelectric plants.
The Company, which continues to solidify its leadership of the global wind sector through its implementation of 851 MW of power between January and June of this year, already has 4,383 MW of installed wind capacity in Spain, implying growth of over 13% over the first half of 2007.
The Iberdrola Renewables production park in Spain, which is distributed among 13 autonomous communities, grew by a total of 155 MW between January and June.
Iberdrola Renewables also operates a total of 3,224 MW of wind power outside Spain, including 1,983 MW in the United States and 531 MW in the United Kingdom. The remaining 710 MW (+47.6%) are primarily located in Europe, including contributions from Greece, with 217 MW of installed power; France, with 166 MW; Poland with 128 MW; Germany with 63 MW; and Portugal with 56 MW.
The most significant milestones during the period included the signing of the largest agreement in the history of the sector with Gamesa to supply wind turbines–4,500 MW between 2010 and 2012–as well as the creation of two companies to jointly promote wind farms; the public offering to acquire outstanding shares in the Greek company Rokas; the inauguration of the El Marquesado wind complex (Granada), the largest in Andalucia and the second-largest in Europe; and the start-up of the Company’s largest wind farm, Klondike III (United States).
The Iberdrola Renewables 2008-2012 Strategic Plan, presented at the recent General Shareholders’ Meeting, calls for investment of 18,800 million euros over that five-year period, particularly in the United States and Europe; 10,400 million euro between 2008 and 2010, and 8,400 million euro between 2011 and 2012.
The Company’s operating objectives for 2012 are to expand capacity by a factor of 2.5 over 2007, to a total of 18,000 MW, and quadruple production to a total of 42,000 million kWh, as well as continue diversifying and balancing the geographic presence of its renewable facilities.
Iberdrola Renewables has a project portfolio of 54,000 MW (+12,000 MW as at the close of 2007), which guarantees the construction of over 2,000 MW per year in coming years. To that end, it has also covered its needs for the supply of wind turbines to 2012: 10,000 MW guaranteed.
The Company’s financial objectives for the end of the period under review are to achieve EBITDA of some 3,400 million euro and net earnings of some 1,000 million euro, with leverage of less than 50% and a distribution of dividends in line with that of the IBERDROLA Group: a gradual increase in payout from 25 to 50%.
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