Iberdrola boosts renewables profits as it grows outside Spain

Spanish utility giant Iberdrola says its operating profit from its renewables business was €441.5m ($571.7m) in the first quarter of 2012, 2.8% higher than in the same three months last year.

Iberdrola’s installed renewables capacity at the end of the first quarter was more than 14GW, 9.4% ahead of Q1 2011.

Operating capacity reached 13.4GW, 6.5% higher. The utility says it installed 345MW of new wind power capacity during the January-March period, of which 75% was outside of Spain.

The company currently has 366MW of renewables projects under construction.

Iberdrola told investors it continues to push on with its offshore wind projects in the UK and Germany, and notes it won the rights to construct the 500MW Saint-Brieuc wind farm in the recent French offshore…

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