Iberdrola Renewables received approval from the North Carolina Utilities Commission to build a 300 megawatt (MW) wind farm in the eastern part of the state.
The Desert Wind Power project is expected to cost about $600 million and would be the first commercial-scale wind project in the state.
Iberdrola plans to begin construction later this year, if the permitting process goes smoothly.
Iberdrola Lifts 1Q Earnings
Iberdrola Renewables’ Spanish parent company, Iberdrola Renovables (IBR.MC) announced that it increased 1Q11 earnings 10% year-over-year to EUR 172 million.
Iberdrola Renovables is the world leader in wind power production and operating capacity. Operating capacity was 16.6% higher than a year ago at 12,584 MW with 61.4% of new capacity located in the U.S.
The company produced 7,636 million kilowatt hours (kWh) in the quarter, an increase of 12.1% which was driven largely by strong performance in the U.S. wind business where output rose 47.9% and also in the UK where it increased 22.9%.
Gross operating income (Ebitda) rose 2.6% to EUR 452.7 million, while Ebitda from renewables business was 9.3% higher at EUR 428.3 million. Wind power business contributed EUR 418.9 million to Ebitda, 92.5% of the total.
By country, Spain accounted for 50.4% of Ebitda, the U.S. for 25.7%, the UK 7.7% and the Rest of the World area 10.8%, while gas business accounted for 5.4%.
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