Spanish power company Iberdrola (IBE.MC) plans to invest $6 billion in the U.S. by 2012, mostly in new wind farms.
Its subsidiary, Iberdrola Renovables (IBR.MC), is the second largest wind energy producer in the US with 4,700 megawatts (MW) of installed capacity.
65% of the $6 billion, or $3.9 billion, will be invested in new wind farms in the U.S.
The remaining $2.1 billion will be used to improving the "quality of electrical supply" to the 2.4 million customers Iberdrola has in 23 U.S. states.
Iberdrola says the investment is possible, in part, because of $1 billion in incentives and grants awarded to the company by the U.S. government.
Iberdrola Group says it’s bought $5.5 billion worth of goods and services from U.S. corporations annually, and has paid $400 million in taxes each year. The corporation US assets worth $31 billion – about 25% of its total value.
One of its most important projects in progress in the US is in Maine. Its building 800 kilometers of electrical transmission lines between the U.S. and Canada – an $1.4 billion investment.
About 3,000 people will be employed during construction. After it’s completed, the project will generate annual tax revenues of $25 million for participating townships and $18 million for the state. And the transmission line is expected to save $7 million worth of lost power each year while facilitating additional renewable energy generation.
Iberdrola will also develop an intelligent network to benefit 620,000 clients through its subsidiary, Central Maine Power. The network will cost $166 million, of which $96 million will be financed through U.S. Department of Energy grants.
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