UPDATE — 10.25.10: An Iberdrola Renewables spokesman tells G.E.R. that it will use balance sheet financing to support the construction of 50-megawatt of solar projects in Colorado and Arizona. The two projects are expected to cost roughly $60 million to construct. Continue reading Iberdrola Firms Up Solar Plans; Inks Supply Deal With SunPower – UPDATE
Iberdrola Renewables, the U.S. subsidiary of the renewable energy unit of the Spanish power company, has inked a power purchase agreement with the Tennessee Valley Authority (TVA) for 300 megawatts of wind-generated power. Continue reading TVA Signs Contract With Iberdrola for 300 MW of Wind Power
We’ve been following Morgan Solar, which has developed a novel concentrating photovoltaic module, for a while. Until last fall, friends and family largely backed the startup, launched by a University of Toronto graduate. Then, in October, the company raised $4.7 million in an inaugural round of funding backed by a string of blue-chip investors, including Spain’s Iberdrola Renewables. The Series A funding helped put this promising solar venture on the map.
Yesterday, Toronto-based Morgan Solar said that it has increased its Series A funding to $8.2 million. Turnstone Capital Management, a New York-based asset management firm, led the funding. Morgan also got cash from the Iberdrola and Nypro venture capital firms and two unnamed Canadian VC groups. Continue reading Morgan Solar Increases Series A Funding to $8.2M
Iberdrola Renewables, the U.S. subsidiary of the renewable energy unit of the Spanish power company, has completed construction of the 149 megawatt, $300 million Rugby Wind Power Project located in Pierce County, near the town of Rugby, N.D.
Iberdrola will sell 40 megawatts of the plant’s 149 megawatts capacity to Missouri River Energy Services (MRES), an electricity coop with 60 members in Iowa, Minnesota, North Dakota and South Dakota. In a statement, Iberdrola said it would continue to market the rest of the plant’s output.
Iberdrola operates more than 3,500 megawatts of wind power in the U.S. The company will have spent $2 billion in capital expenditures supporting U.S.-based wind projects in 2008 alone.
Photo Credit: Iberdrola Renovables
San Francisco utility Pacific Gas and Electricity (PG&E)?has acquired a $900 million, 246-megawatt wind project in Southern California from Iberdrola Renewables, the U.S. unit of the Spanish renewable energy company. This is PG&E?s first direct investment in wind generation.
The deal was announced Thursday. In the U.S. direct investments by utilities in renewable energy projects are rare and so we thought it was important to highlight rhis uniqe transaction despite the delay.
The Manzana project, located on about 7,000 acres (2,832 hectares) of land in eastern Kern County, could — pending regulatory approval — start operating in December 2011. Continue reading PG&E Buys 246 MW Wind Project in Southern California
The Vermont Public Service Board has approved the construction of a 30-megawatt wind farm to be developed by Deerfield Wind, a unit of Spanish clean energy company Iberdrola Renewables.
The VPSB, however, outlined “significant conditions” that had to be met before it issues a final permit. One is a final agreement on how much of the plant’s output should be sold to local utilities. The VPSB had been pushing for 75% of the plant’s capacity to be contracted by state utilities, while Deerfield has been lobbying to only sell 30% of the output to local utilities and the balance outside the Green Mountain State, to other New England utilities.
As a result, in approving the project, the VPSB mandated that Deerfield “enter into long-term…power contracts with Vermont utilities for at least 30% of the Project’s power output,” and that it makes “good-faith efforts to negotiate for the sale of additional power in-state above the 30% level.”
Deerfield is expected to update the VPSB on any power purchase agreement negotiations in three months.
The project is to be developed on approximately 80 acres (32.4 hectares) in the Green Mountain National Forest, near the town of Searsburg in southeast Vermont. The facility is an extansion of an excisting seven megawatts wind farm developed by Green Mountain Power, which has been operating since 1997.