Iberdrola will invest €9 billion over the next three years to accelerate its global expansion and to consolidate its "leadership in the wind energy sector". Of this total, €4.9bn will be invested in the United States, €1.9bn in the UK, €1bn in Spain and €1.2bn in the rest of the world.
With Vattenfall, it recently was awarded the rights to build one of the world’s largest offshore wind farms in the UK. The East Anglia Array, located in the North Sea off the coast of Norfolk, will have a capacity of 7.2 GW and will start construction in 2015.
Iberdrola has 2.5 GW of offshore wind projects planned for Germany, Spain and Britain, with 1.7 GW for the UK including 500 MW at West of Duddon Sands wind farm that will begin construction in 2012. The UK Government wants to install 20-30 GW of wind energy capacity by 2020, representing 15% of the country’s total capacity.
The Scottish offshore wind division will be incorporated into ScottishPower Renewables, its UK business unit, and will have three departments: operations & maintenance, business development, and commercial.
Wind is 97% of company capacity
Iberdrola Renovables expects to increase operating profit this year by 20% as a result of an additional 1750 MW of installed capacity, to reach a total of 12.5 GW. The company has 937 MW under construction around the world.
Last year, it recorded a net profit of €371m and gross operating profit of €1,325m. It operates in 23 countries, has installed capacity of 11 GW and annual production of 21.500 GWh.
In Spain, it has applied to place zones under reserve for feasibility studies in preparation for seeking permits for 6 wind energy projects off the coasts of Cádiz, Castellón and Huelva. It has capacity of 5.5 GW of renewable energy in that country.
Last month, it commissioned the El Andévalo wind farm in Huelva, the largest renewable energy facility in Spain, as part of a 2005 agreement with Gamesa Energía for the sale of wind farms in Andalusia. The 7 wind farms in the complex have installed capacity of 244 MW.
Output at Iberdrola Renovables facilities rose by 26.4% in 2009, to 21.49 TWh, with wind power representing 97% of its total installed capacity. Small-scale hydro accounts for 560 GWh and 21 GWh from other technologies.