Iberdrola Has Received $867 Million in Energy Stimulus Funds
Spanish wind energy company is second-largest US wind power operator
July 27, 2010 -- Spanish renewable energy company Iberdrola says it has received $867 million in stimulus grants from the US government.
Iberdrola, which has a US subsidiary in Portland, recently received the largest stimulus grant given by the government for a single renewable energy project, $170 million for a wind energy project south of Chicago.
The Illinois wind farm, Cayuga Ridge, is one of the world's largest and will produce 300 megawatts of electricity, enough to provide power to 90,000 homes.
Iberdrola says it will reinvest the federal grant money in other energy projects in the US, where it's looking to expand its output by 2,000 megawatts by the end of 2012. Iberdrola has an installed capacity of 3,877 megawatts, making the company the second biggest wind energy operator in the US.