In Europe, it’s clearly the season for billions. Greenbang supposes billions are a bit 80s-style knitwear, toy dogs and rucksacks worn over both shoulders – they never go out of fashion on the continent, really.
After Dutch energy company Econcern promised to invest €12 billion in green power, now Spanish utility Iberdrola is getting out its cheque book.
Iberdrola has promised to put a whopping €8.6 billion into the US renewable energy market between 2008 and 2010.
And what will that sort of spending get you, apart from a very worn out cheque writing hand? Apparently, Iberdrola wants to get a 15 percent share of the US renewables market by the end of the decade.
It reckons it will install 2,000 MW a year and reach 13,600 MW by the end of 2010.
For the fact fans out there: Iberdrola had 8,164 MW of wind power installed at the end of the first quarter of 2008, 2,392MW of which are in the US. It’s got 22,138 MW of windy power in the pipeline, half of which will be in the States.
€8.6 billion between 2008-2010 to install 2,000 MW a year and reach 13,600 MW at the end of the period. Currently, it has 1,367 MW under construction worldwide.