Iberdrola has entered the US wind energy market after signing an agreement to acquire full ownership of Wayne, Pennsylvania-based Community Energy Inc (CEI) for $30 million. The company, headquartered in Wayne, Pennsylvania, has a portfolio of projects representing 2,000MW of wind capacity in various regions along the US east coast.
In concrete terms, this business has a 2,000MW portfolio of projects at initial research stages, which are highly likely to be approved, along with 200MW in an advanced state of development.
Furthermore, CEI is the market leader on green energy certificate marketing in the northeastern US, supplying around 75,000 residential consumers and 350 industrial and business clients.
The chairman of Iberdrola, Ignacio Galan affirmed that this transaction will make it possible to combine Iberdrola’s international experience managing and operating wind farms with CEI’s position in the US, providing it with a platform for rapid large-scale growth in the North American wind energy market.
The Spanish firm says that the acquisition of CEI will enable Iberdrola to continue moving forwards with a view to meeting its growth targets in the renewable energies sector.
Iberdrola is one of the world’s leading purveyors of green power, with 3,914MW of installed capacity at the end of Q1 2006.