USA - Iberdrola seeks $500M for 850MW of wind power

Iberdrola Renewables, the U.S. subsidiary of multinational wind power developer Iberdrola Renovables, said it hopes to secure $400-500 million in U.S. government aid over the coming months to put toward the development of 850 megawatts (MW) worth of U.S. wind projects this year.

The company is seeking the cash grant under the American Recovery and Reinvestment Act of 2009. Guidelines for $3 billion in grants were release last week, and the period for applications will open on 1 August. Recipients will receive an up-front nontaxable cash grant equal to 30% of the project's cost, instead of a 30% tax credit after completion of a project.

Iberdrola Renewables has operations in 20 US states, with installed capacity at the end of June 2009 of 3,104 MW (31% of its worldwide total). The company's total installed capacity worldwide stood at 10,003 MW for the same period.

Iberdrola has invested over $2 billion in the US, where it has had operations since 2006.

For more information please contact Trevor Sievert at ts@windfair.net