The division will have three departments: operations and maintenance, business development and commercial. The company said that it will develop an offshore wind farm in the UK with capacity of up to 7,200MW, in addition to another 2,500MW elsewhere in Europe.
This includes 1,700MW in the UK, including 500MW at West of Duddon Sands, which will begin construction in 2012. The UK government’s objective is to achieve a capacity of between 20,000MW and 30,000MW in this technology by 2020, representing 15% of total capacity.
Iberdrola Renovables expects to invest EUR9bn between 2010-2012 to accelerate its international expansion. The company will invest EUR4.9bn in the US, EUR1.9bn in the UK, EUR1bn in Spain and EUR1.2bn in the rest of the world.
In Spain, the company has applied to place zones under reserve for feasibility studies as prior steps to seeking permits for six projects off the coasts of Cadiz, Castellon and Huelva.
This year, Iberdrola Renovables expects to maintain its pace of investments and increase operating profit by 20% as a result of an additional 1,750MW in installed capacity to reach a total of 12,500MW. The company currently has 937MW under construction around the world.
