Spanish utility Iberdrola is to invest €3.6bn in renewable energy projects between now to 2006. A new renewable energies unit is to be set up which will handle the entire group’s renewable activity, said a spokesman.
The spokesman confirmed that a report Monday in Spanish daily El Mundo was accurate and that the investment formed part of the company’s strategic plan for 2002-2006.
Most of the renewable energy investment will be targeted in the wind energy sector in Spain and internationally, he said.
Iberdrola’s international wind energy expansion will be based on partnerships, such as its joint venture in Canada with Suncor Energy Inc. (SU).
Energy companies who do not undertake any investment in renewable technologies may become the target for environmental activists following the protests by Greenpeace at selected Esso filling stations in the UK earlier this month. Rival oil giants, Shell and BP have established renewable energy companies and are engaged in prominent promotion of their activities.