Iberdrola Enters U.S. Wind Market by Acquiring Community Energy

Iberdrola of Madrid, Spain, will acquire Community Energy, Inc. (CEI), a U.S. wind energy marketing and development company based in Wayne, Pennsylvania. CEI, with more than 2 billion kilowatt-hours (kWh) of wind energy sales, supplying more than 75,000 residential and business customers and 18 investor-owned and municipal utilities, will remain a key part of the U.S. strategy.

With Iberdrola behind it, and its management intact, CEI will continue to expand its marketing partnerships with utilities and customers throughout the country, accelerating the development of wind generation to meet growing demand in the U.S. The acquisition is pending proper approval from government authorities. Iberdrola, which plans to build more than 10,000 megawatts (MW) of renewable energy worldwide by the end of 2011, is the largest electricity company on the Iberian Peninsula by installed capacity, according to the release. Founded in 1901, the company serves more than 17.8 million customers (9.7 million in Spain). The arrival of CEO Ignacio Galan in 2001 marked a strategic plan to double net income to 1.6 billion Euros between 2001 and 2006. Galan, who visited the U.S. for various meetings with analysts and investors, affirmed that this transaction will make it possible to “combine Iberdrola’s international experience managing and operating wind farms with CEI’s position in the U.S., providing it with a platform for rapid large-scale growth in the North American wind energy market.”
Previous articleRenewable Power Plant Market Expanding in Europe
Next articleNegotiations Under Way with Cellulose Ethanol Technology Company
Avatar

No posts to display