Iberdrola Renewables hopes to receive an additional $430 million this year as its wind farms come on stream. Iberdrola Renewables has increased its installed capacity in the US by 50% in one year to 3,459 MW.
Iberdrola Renewables, the world’s largest wind power company, saw its growth plans in the US for 2009 receive a boost when it obtained nearly $600 million of stimulus funds for renewable energies (grants) approved by the US government.
The Company has brought forward the construction of five new wind farms in the US with a combined 813 MW. Iberdrola Renewables is currently building the Cayuga Ridge plant in Illinois (300 MW), the Peñascal II plant in Texas (202 MW) and the Star Point plant in Oregon (99 MW). Works on these have led to the creation of 1,000 new jobs.
In addition, in December the company completed the construction of the Rugby plant in North Dakota (149 MW) and in September the Dry Lake plant in Arizona (63 MW).
Iberdrola Renewables has become the second-largest operator in the US, with operations in 20 states and installed capacity at the end of September of 3,459 MW (over 30% of the company’s total worldwide). Over the last year, the company has increased its installed capacity in the US by around 50% (+1,141 MW).
Iberdrola Renewables regards the US as a key market for its future growth, with 42% of its project pipeline (which exceeded 57,400 MW at the end of September 2009) located there.
Stimulus funds for renewable energies
Iberdrola Renewables has so far received $577 million in US Treasury Department grants offered as part of the US government’s incentive package for renewable energies to encourage companies to invest in the country.
The Company hopes to receive an additional $430 million in 2010 as its wind farms come on stream. Iberdrola Renewables will reinvest all current and future grants in the US.
These grants, which temporarily replace the PTCs (Production Tax Credits), offer direct funding of around 30% of the investment in renewable energy facilities coming on stream or whose construction is begun in 2009 and 2010.