Iberdrola and Gamesa Move Wind Power Forward

Iberdrola reported a 9% increase in its electricity production in September due to clean generation technologies. This increase comes after early October’s announcement of Iberdrola and Gamesa closing on a wind power sale worth more than Euros 2.3 billion [US$2.9 million] for 2,700 megawatts (MW) in Gamesa wind power generators.

The Gamesa wind power generators would be used for Iberdrola’s wind farm developments in Spain, Europe, the U.S. and Mexico. Iberdrola is Gamesa’s largest shareholder. Iberdrola also announced it would buy wind farm assets in the U.S. (Pennsylvania, Texas and Illinois) with as much as 1,000 MW of installed capacity to be implemented between 2007 and 2009, ultimately bringing the company’s operating capacity, using renewable energy sources, in excess of 10,000 MW by the year 2011. The sum total represents the collaboration between Iberdrola and Gamesa, over the last few years, of several agreements: one signed in October 2005 for the purchase of 700 MW under development in wind farms in Spain and Italy; the 2004 agreement on the purchase of a further 250 MW in Portugal; and one signed in September 2002 for the acquisition of 1,000 MW of wind capacity. Iberdrola recently presented its strategy for the next three years and its projections up to 2011, confirming its commitment to Spain by guaranteeing its energy needs (62% of all investments) and taking advantage of the profitable business opportunities that arise abroad (remaining 38%). Iberdrola plans to reach 6,200 MW of renewable installed power by 2008, rising to 10,000 MW by 2011. International expansion will be a key factor in its success, so the company has opened new offices in Birmingham (UK), Rennes and Paris (France), Rome (Italy), Berlin (Germany), Warsaw (Poland) and the U.S., in addition to those in Greece, Portugal, Mexico and Brazil. Iberdrola’s determined bid for renewable energy falls within the framework of its commitment to the environment, sustainable development and compliance with the Kyoto Protocol.
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