Iberdrola Renewables Awarded Nearly $251 Million for 3 wind projects

Iberdrola Renewables, Inc. confirmed it has received US Treasury Department approval of three additional grants totaling $250,953,367. These grants represent investment by Iberdrola Renewables of approximately $860 million in US wind power in three states.

These grants represent investment by Iberdrola Renewables of approximately $860 million in US wind power in three states. The grants for three additional wind farms put into service in 2009 result in a total of almost $550 million in Stimulus grants awarded to eight Iberdrola Renewables projects. To date, the company has submitted eight grant applications for new renewable energy projects totaling 980 megawatts (MW) of generation and more than $1.8 billion of investment by Iberdrola Renewables, and received grants for all eight.

The American Wind Energy Association estimates that 980 MW of new wind construction supports between 11,800 and 14,000 jobs in a single year, counting both direct and indirect jobs.

The grants were authorized under the American Recovery and Reinvestment Act in lieu of renewable energy production tax credits (PTCs) typically provided to wind generation facilities. Grants were awarded to the 160 MW Barton project (Iowa), 146 MW Farmers City project (Missouri), and the 120 MW Barton Chapel project (Texas). The financial crisis of last fall took away the ability of many renewables companies to use the PTC, jeopardizing investment in renewable projects.

Iberdrola Renewables immediately is putting the Stimulus funds into construction and development of additional renewable energy projects. Currently, the company has five wind projects under construction in Arizona, Illinois, North Dakota, Oregon, and Texas. Recently, Iberdrola Renewables announced plans to invest an additional $6 billion in renewable energy facilities through 2012.

"The Stimulus grant program allowed Iberdrola Renewables to resume its aggressive investment in wind farms all over the US — projects that are creating new, family-wage jobs in communities under economic strain," said Ralph Currey, President and Chief Executive Officer. "The company thanks the Obama Administration for implementing a grant program that is providing real economic benefits, and enables us and others to continue making renewable energy investments that otherwise would not happen."

Iberdrola Renewables is a leader in optimized energy solutions tailored to meet the needs of wholesale and large commercial and industrial customers. Our portfolio of gas and power assets, 24-hour energy management and scheduling capabilities allow us to deliver products and services that help our customers manage risks and uncertainty in the natural gas and power industries while fulfilling short- or long-term energy requirements.

Based in Portland, Oregon, the North American division of Iberdrola Renewables was founded as a business unit in a century-old regional utility. Early signature projects such as the Klamath Cogeneration Plant and Stateline Wind Energy Center are now accompanied by an energy portfolio that includes power from a variety of technologies and geographies. Our natural gas portfolio includes storage facilities in Katy and Alberta which enable us to provide flexible gas delivery to our customers across North America.

We offer expertise in all aspects of wholesale power and gas markets. From generation development to long-term energy supply to asset management services and more, we are capable of managing the full range of its customers’ energy needs.