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Iberdrola, a Spain-headquartered electric utility and wind power developer, and ScottishPower, an international energy company made up of four businesses, including Portland, Ore.-based PPM Energy, have reached a merger agreement where Iberdrola will take over ScottishPower for 17.2 billion euros.

If ScottishPower's board votes in favor of this agreement, the new group will have an installed capacity of 36,600 MW, of which over 6,000 MW will be renewable.

"The combination of both companies will allow ScottishPower to develop on a global scale in a progressively more competitive environment," comments Philip Bowman, ScottishPower's chief executive.

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