Iberdrola, an owner and operator of renewable energy projects, has signed a contract acquiring 100% of MREC Partners and Midwest Renewable Energy Projects, Joice, Iowa-based developers of wind energy projects, to further expand into the U.S. wind energy market.
Iberdrola plans on investing about $ 2 billion to develop the project portfolio of both companies, which amounts to 1,600 MW of wind power located in various parts of the Midwest. Of this figure, 400 MW are in an advanced development stage and 1,200 MW are in the initial study stages, the company says.
This acquisition, which was for over 30 million euros, helps Iberdrola reach its goal of exceeding 10,000 MW of renewable energy by the year 2011. To reach this goal, Iberdrola plans on achieving 7,000 MW of installed renewable power by 2009 and 10,000 MW by 2011 through international expansion.