Spain's Iberdrola Renovables (IBR.MC; IRVSF.PK) has created a Offshore Wind Division to develop a large portfolio of offshore wind projects and wind jobs. It has close to 10,000 megawatts (MW) of wind around the world.
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 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 as prior steps to seeking permits for six projects off the coasts of Cádiz, Castellón and Huelva.
The new offshore 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.
Iberdrola Renovables expects to invest EUR 9 billion between 2010-2012 to accelerate its international expansion. The Company said it will invest EUR 4.9 billion in the United States, EUR 1.9 billion in the UK, EUR 1 billion in Spain and EUR1.2 billion in the rest of the world.
The Company recorded a net profit of EUR 371.1 million in 2009 and a gross operating profit (Ebitda) of EUR 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.
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