Spain's Iberdrola to invest 8 billion dollars in US renewable energy

0 Comments | AFP, May, 2008

MADRID (AFP) — Spanish power company Iberdrola, the world's largest renewable energy operator, said Sunday it plans to invest eight billion dollars (5.1 billion euros) in the United States between 2008 and 2010.

The Bilbao-based firm is aiming to have a 15 percent share of the wind power market in the US by 2010, it added in a statement.

It had a wind power production capacity of 2,400 megawatts in the US at the end of March and it expects to reach 3,600 megawatts by the end of the year, the statement added.

Iberdrola chairman Ignacio Sanchez Galan has said he considers the US as the company's most exciting growth market.

The US, which uses roughly one-quarter of the world's crude oil, is seen as a promising market for renewable energy sources as...