- The Company will develop one of the largest offshore wind farms in the world in the UK with capacity of up to 7,200 MW, in addition to another 2,500 MW elsewhere in Europe
- IBERDROLA RENOVABLES will invest €9 billion between 2010 and 2012 to accelerate its international expansion and consolidate its world leadership in the wind energy sector
IBERDROLA RENOVABLES, world leader in the renewables sector, has created an Offshore Wind Division to be headquartered in Glasgow. The Division will develop a major portfolio of offshore wind projects awarded the Company that totals close to 10,000 MW around the world.
The new 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. The Division will have three departments: operations and maintenance, business development and commercial.
The aim of IBERDROLA RENOVABLES is to reinforce one of its principal strategic businesses for the future, which enjoy attractive regulatory frameworks. The Company was recently awarded the rights together with Vattenfall to develop 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, and will be seeking permits for six projects off the coasts of Cádiz, Castellón and Huelva.
IBERDROLA RENOVABLES expects to invest €9 billion in renewables generation between 2010-2012 to accelerate its international expansion and consolidate its position as world leader* in wind energy. The Company will invest €4.9 billion in the United States, €1.9 billion in the UK, €1 billion in Spain and €1.2 billion in the rest of the world.
The Company recorded a net profit of €371.1 million in 2009 and a gross operating profit (Ebitda) of €1,325.3 millons (+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.
IBERDROLA RENOVABLES, with a presence in 23 countries, had installed capacity of close to 11,000 MW at the end of 2009, with production of around 21,500 million kilowatt hours (kWh).
* Source: Bloomberg New Energy Finance
This document has been prepared by Iberdrola Renovables, S.A. exclusively for its use regarding the presentation of financial results for the full 2009 fiscal year. As a consequence thereof, this document may not be disclosed or published, nor used by any other person or entity, for any other reason without the express and prior written consent of Iberdrola Renovables, S.A.Iberdrola Renovables, S.A. does not assume liability for this document if used for different purposes thereof.
The information and all statements contained in this press release have not been verified by independent third parties; therefore no express or implied warranty is made as to the impartiality, accuracy, completeness or correctness of the information or the opinions and statements expressed herein. Neither Iberdrola Renovables, S.A., its subsidiaries or any entity within Iberdrola Group or subsidiaries, or any company participated by Iberdrola Renovables, S.A., assume liability of any kind, whether for negligence or any other reason, for any damage or loss arising from any use of this press release or its contents.
The Information contained in this press release about the price at which securities issued by Iberdrola Renovables, S.A. have been bought or sold in the past or about the yield on securities issued by Iberdrola
Renovables, S.A. cannot be relied upon as a guide to future performance. Neither this press release nor any part of it constitutes a contract, nor may it be used for incorporation into or construction of any contract or agreement.
This press release does not constitute an offer or invitation to purchase or subscribe shares, in accordance withthe provisions of the Spanish Securities Market Act (Act 24/1988, of 28 July), Royal Decree Act 5/2005, of 11 March, and/or Royal Decree 1310/2005, of 4 November, and its implementing regulations. Particularly, this press release does not constitute an offer to purchase, sell or exchange or the solicitation of an offer to purchase, sell or exchange any securities in the United States of America. The shares of IberdrolaRenovables, S.A. may not be offered or sold in the United States of America except pursuant to an effective registration statement under the Securities Act or pursuant to a valid exemption from registration.
This press release contains forward-looking information and statements about Iberdrola Renovables, S.A. These forward looking statements relate to financial projections and estimates and their underlying assumptions, statements regarding plans, targets and expectations with respect to future operations, capital expenditures synergies, products and services, and statements regarding future performance. Forward-looking statements are statements that are not historical facts and are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates” and similar expressions.
Although Iberdrola Renovables, S.A. believes that the expectations reflected in such forward-looking statements are reasonable, investors and shareholders in Iberdrola Renovables, S.A. are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Iberdrola Renovables, S.A., that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward lookinginformation and statements. These risks and uncertainties include those discussed or identified in the public documents sent by Iberdrola Renovables, S.A. to the Comisión Nacional del Mercado de Valores (the Spanish securities regulator, or the CNMV in its Spanish initials).
The forward-looking statements are no guarantee whatsoever of future results and have not been reviewed by the auditors of Iberdrola, Renovables S.A. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date they were made. All oral or written forward-looking statements attributable to Iberdrola, Renovables S.A. or any of its board members, directors, officers, employees or any persons acting on its behalf are expressly qualified in their entirety by the cautionary statement above. All forward-looking statements included herein are based on information available on the date hereof. Except as required by applicable law, Iberdrola, S.A. does not undertake any obligation to publicly update or revise any forward-looking statements, even in the event of new information being published or new events occurring.