Spain’s Iberdrola Renovables reported a strong first half thanks to major growth from the company’s US wind energy business as well as increased production from its Spanish renewable energy schemes.
Meanwhile, Iberdrola also reported that it was experiencing high visibility for key aspects of the business, with its project pipeline now 4,800MW larger than a year earlier. As a result the firm expects to install 1,750MW of additional capacity this year, bringing its total installed capacity to 12,500MW.
Iberdrola now has total installed capacity in the US of 3,877MW, in 41 wind farms across 23 states, as well as an additional 850MW currently under construction. The firm said the US’s favourable regulatory environment, with renewable energy grants approved by the Government, has been key to rapid expansion of the sector in that country.
The company plans to install 1,000MW a year in the US during 2011 and 2012.
Elsewhere, Iberdrola established an Offshore Business Division early in 2010 in Scotland in order to manage the development of its marine wind energy projects (estimated at close to 10,000MW around the world). Also, increased productivity at the coompany's Spanish business led to a 22% rise in production to 5,699 million kWh.
| Market | Madrid |
| Symbol | IBR |
| Price | €2.70 |
| 12month high/low | €3.53/2.30 |
| Market cap | €11.4bn |
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