The new division will be incorporated into ScottishPower Renewables, the Company’s UK business unit, and will have three departments: operations and maintenance, business development and commercial.
The aim of Iberdrola Renovables is “to reinforce one of its principal strategic businesses for the future, which enjoy attractive regulatory frameworks”. In this context, the Company was recently awarded the rights together with Vattenfall 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 up to 7,200 MW and is projected to commence construction in 2015.
The company also has other offshore wind projects in Europe (Germany, Spain and the UK) comprising an additional 2,500 MW. This includes 1,700 MW in the UK, including 500 MW at West of Duddon Sands, which will begin construction in 2012. The UK government’s objective is to achieve a capacity of between 20,000 and 30,000 MW in this technology by 2020, representing 15% of total capacity.
€9 billion investment over three years
Iberdrola Renovables expects to invest €9 billion between 2010-2012 to accelerate its international expansion and consolidate its position as a world leader. The company will invest €4.9 billion in the United States, €1.9 billion in the UK, €1 billion in Spain and €1.2 billion in the rest of the world.
The company recorded a net profit of €371.1 million in 2009 and a gross operating profit (Ebitda) of €1,325.3 million (+11.8%), driven by the international area which made up 54% of the total.
This year, Iberdrola Renovables expects to maintain its rhythm of investments and increase operating profit by 20% as a result of an additional 1,750 MW in installed capacity to reach a total of 12,500 MW. The company currently has 937 MW under construction around the world.
Operating across 23 countries, the company had installed capacity of close to 11,000 MW at the end of 2009, with production of around 21,500 million kilowatt hours (kWh).
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