Iberdrola Renovables (OTCPK:IBDRY), based in Spain, is the world's largest wind developer and one of the largest renewable energy project developers, with 10.5 GW of assets worldwide. It also has the largest portfolio of future projects at over 5.7 GW.
The company constructs and operates plants and sells the electricity to utilities under long term power agreements. It has operations throughout the Americas, Europe, Africa, the Middle East and Asia.
Iberdrola has the ability to grow in both up and down markets, with stable, predictable cash flow. It benefits from low interest rate financing from its parent company. Growth is forecast at 16.9% EBITDA CAGR for 2008-2012.