Iberdrola To Invest $6 Billion In The U.S., Mostly In Wind Power

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Iberdrola Renewables intends to invest $6 billion in the U.S. by 2012. The announcement was made after Iberdrola Chairman Ignacio Galan met with the U.S. Secretaries for Energy and Commerce last week.

Of this amount, 65% – $3.9 billion – will be devoted to the construction of new wind farms in the U.S., according to Iberdrola. This will be possible, in part, thanks to incentives/grants awarded to the company by the U.S. government, amounting to $1 billion.

The remaining investment of $2.1 billion will be assigned to improving the quality of supply to the 2.4 million customers Iberdrola has in the U.S.

In March, Iberdrola said that new wind capacity additions – including wind farms planned for the U.S. – would slow this year and next year. At that time, the company indicated that it planned to install 1.5 GW this year, down from 1.78 GW in 2010.

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