Iberdrola Renovables (IBR.MC; IRVSF.PK), based in Spain, is the world’s largest wind developer and one of the largest renewable energy project developers, with 10.5 GW of assets worldwide. It also has the largest portfolio of future projects at over 5.7 GW.
Besides wind, the company builds solar thermal and small hydro, and is involved in R&D for marine biomass and tidal energy. IBR is the fastest growing subsidiary of Iberdrola SA, one of the largest utilities in the world.
The company constructs and operates plants and sells the electricity to utilities under long term power agreements. It has operations throughout the Americas, Europe, Africa, the Middle East and Asia.
In June, IBR signed a wind turbine supply agreement with wind leader Gamesa (GAM.MC). By 2012, IBR is projected to have about 6.3 GW of renewable energy assets in the US, up from 2.8 GW in 2008.
Iberdrola has the ability to grow in both up and down markets, with stable, predictable cash flow. It benefits from low interest rate financing from its parent company. Growth is forecast at 16.9% EBITDA CAGR for 2008-2012.
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