Iberdrola approaches 13GW of renewable capacity as profits rise

Iberdrola’s renewable capacity reached a shade under 13GW in the first six months of 2011, helping to drive up profits at the Spanish utility giant.

Iberdrola had 12.98GW of renewables in place by the end of June, almost 14% more than at the same stage in 2010, added via its Iberdrola Renovables subsidiary, which it finished reincorporating through a share buy-back on 8 July.

Half-year operating profits from renewables were €785.1m ($1.1bn), 11.1% up on the first six months of last year, thanks to higher production from the extra capacity.

The new installations include 900MW added in the US, 275MW in Spain, 176MW in the UK and 226MW in the remainder of Europe and Latin America.

Some 55% of…

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