Iberdrola Renewables

FINANCIALLY TROUBLED IBERDROLA SELLS OFF SOME ASSETS, BUT RETAINS TULE WIND PROJECT

 

By Miriam Raftery

January 9, 2013 (San Diego’s East County) – Spanish utility giant Iberdrola Renewables still plans on “going ahead with Tule Wind” in McCain Valley near Boulevard despite a string of financial setbacks, Paul Copleman, media relations spokesman at Iberdrola USA, told ECM. 

Iberdrola, the world’s largest operator of wind farms, sold off $1.1 billion in assets in 2012 to reduce its staggering 32 million euros of debt as the company's Standard and Poors Rating teetered just above junk bond status.  Assets sold included 32 wind farms in France to GE. 

 Iberdrola also divested itself of some natural gas assets and  in the U .S., Energy Network, Energetix and NYSEG Solutions. In addition, the company has has quietly abandoned efforts to pursue at least one U.S. wind project and potentially more.