Iberdrola Buys Two U.S. Wind-Power Developers for $38 Million
Iberdrola SA, the world’s largest owner of wind-power plants, bought U.S. energy developers MREC Partners and Midwest Renewable Energy Projects LLC, as the company seeks to capitalize on rebounding alternative energy in the U.S.
Iberdrola spent more than 30 million euros ($38 million) for the companies, which have a combined pipeline of 1,600 megawatts of projects to be developed, the Madrid-based utility said in an e-mailed statement.
The U.S., lulled away from wind and solar energy in the 1990s by cheap oil, is a priority market for Chairman Ignacio Sanchez Galan, who pushed Iberdrola ahead of Florida’s FPL Group Inc. as the world’s largest wind-power generator. Galan has pledged to spend about 3 billion euros through 2009 on wind power.
