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Iberdrola Renovables Creates Global Offshore Wind Division In Glasgow

Scottish Power logo IBERDROLA RENOVABLES, world leader in the renewables sector, has created an Offshore Wind Division to be headquartered in Glasgow. The Division will develop a major portfolio of offshore wind projects awarded to the Company that totals close to 10,000 MW around the world.

The new Division will be headed by Keith Anderson, and will be incorporated into ScottishPower Renewables, the Company's UK business unit, which is also headed by Anderson. The Division 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. The Company was recently awarded the rights together with Vattenfall to develop 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 in addition 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.

In Spain, IBERDROLA RENOVABLES has applied to place zones under reserve for feasibility studies, and will be seeking permits for six projects off the coasts of Cádiz, Castellón and Huelva.

Investments 2010-2012

IBERDROLA RENOVABLES expects to invest €9 billion in renewables generation between 2010-2012 to accelerate its international expansion and consolidate its position as world leader* in wind energy. 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 millon (+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.

IBERDROLA RENOVABLES, with a presence in 23 countries, had installed capacity of close to 11,000 MW at the end of 2009, with production of around 21,500 million kilowatt hours (kWh).

* Source: Bloomberg New Energy Finance.

Posted 02/03/2010

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