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| Iberdrola invests $6 billion in the U.S. by 2012 The Chairman of Iberdrola, Ignacio Galán, met in Washington with the U.S. Secretaries of State for Energy and Commerce, Steven Chu and Gary Locke. During these meetings, Galan announced the intention of the Company to invest $6 billion in the U.S. by 2012. Of this figure, 65% - $3.9 billion - will be devoted to the construction of new wind farms in the U.S., where Iberdrola Renovables is already the second largest wind energy producer with 4,700 megawatts (MW) of installed capacity. This will be possible, in part, thanks to incentives/grants awarded to the Company by the U.S. government, amounting to $1.0 billion. The remaining investment of $2.1 billion will be assigned to improving the quality of supply to the 2.4 million customers Iberdrola has in the country. In the past three years, the Group has improved by 10% the electrical service provided to them. Additionally, the Iberdrola Group has procured $5.5 billion worth of goods and services from U.S. corporations annually, and has paid $400 million in taxes each fiscal year. At present, the Iberdrola Group has assets based in the U.S. with a value of $31 billion which equates to 25% of the Group's total value. write your comments about the article :: © 2011 Construction News :: home page |