Iberdrola Renewables Awarded Nearly $251 Million in Treasury Grants to Generate More Jobs, More Clean Energy

PORTLAND, Ore.--(BUSINESS WIRE)--Iberdrola Renewables, Inc. today confirmed it has received US Treasury Department approval of three additional grants totaling $250,953,367. These grants represent investment by Iberdrola Renewables of approximately $860 million in US wind power in three states.

“The company thanks the Obama Administration for implementing a grant program that is providing real economic benefits, and enables us and others to continue making renewable energy investments that otherwise would not happen.”

The grants for three additional wind farms put into service in 2009 result in a total of almost $550 million in Stimulus grants awarded to eight Iberdrola Renewables projects. To date, the company has submitted eight grant applications for new renewable energy projects totaling 980 megawatts (MW) of generation and more than $1.8 billion of investment by Iberdrola Renewables, and received grants for all eight.

The American Wind Energy Association estimates that 980 MW of new wind construction supports between 11,800 and 14,000 jobs in a single year, counting both direct and indirect jobs.

The grants were authorized under the American Recovery and Reinvestment Act in lieu of renewable energy production tax credits (PTCs) typically provided to wind generation facilities. Grants were awarded to the 160 MW Barton project (Iowa), 146 MW Farmers City project (Missouri), and the 120 MW Barton Chapel project (Texas). The financial crisis of last fall took away the ability of many renewables companies to use the PTC, jeopardizing investment in renewable projects.

Iberdrola Renewables immediately is putting the Stimulus funds into construction and development of additional renewable energy projects. Currently, the company has five wind projects under construction in Arizona, Illinois, North Dakota, Oregon, and Texas. Recently, Iberdrola Renewables announced plans to invest an additional $6 billion in renewable energy facilities through 2012.

“The Stimulus grant program allowed Iberdrola Renewables to resume its aggressive investment in wind farms all over the US -- projects that are creating new, family-wage jobs in communities under economic strain,” said Ralph Currey, President and Chief Executive Officer. “The company thanks the Obama Administration for implementing a grant program that is providing real economic benefits, and enables us and others to continue making renewable energy investments that otherwise would not happen.”