Iberdrola Renovables has reported an 11.8% increase in gross operating profit (EBITDA) to EUR1.33bn for fiscal 2009. It was driven by the international area that contributed an additional EUR216m compared to the previous year and made up 54% of the total.

The company said that it increased its operating profits as a result of increased capacity and production, despite the adverse economic climate.

For the year, net profit was EUR371m, a decline of 4.9% over the previous year, affected by a decline in performance at its Spanish business. Gross margin rose 12% to EUR1.82bn. Investments came to EUR2.2bn in 2009, of which half was in the US.

Last year, the company improved efficiency, achieving a 16.4% drop in costs per installed megawatt operational. It also reinforced its financial foundations with total assets exceeding EUR21.5bn and a gearing of 24.7%.

The company said that its US activities were among the main drivers in the year due to the start up of 1,311MW in operating capacity. The US Treasury grants underpin further growth in this market at least until 2012, allowing accelerated reinvestments.

The company increased its installed capacity in the US last year to 3,591MW in 23 states, and has another 446MW currently under construction.

In Spain, Iberdrola Renovables was affected by external factors, with a 16% decline in market prices. Nonetheless, there has been a certain stabilization through an energy purchase agreement signed last June with Iberdrola. Installed capacity stood at 5,276MW, of which 4,882MW were wind and 342MW were from mini-hydro plants, another 50MW were solar thermal, and 2MW were biomass (forest waste).

In United Kingdom, the company, together with its partner Vattenfall, has been awarded the development rights for an offshore wind farm, with a capacity of up to 7,200MW in the North Sea. The zone, named the East Anglia Array, is one of nine to have been awarded by the Crown Estate in a third round of offshore wind energy licensing.

Through its ScottishPower Renewables subsidiary, the company is a developer and generator of onshore wind in the UK with a capacity of 802MW (a rise of 20% over 2008), and operates a wind farm at Whitelee in Scotland. This project is additional to others under development in Europe (Germany, Spain and the UK) totaling another 2,500MW.

Iberdrola Renovables expects to increase operating profits by 20% in 2010, with the addition of 1,750MW of new capacity this year, for a total of 12,500MW. The company currently has 937MW under construction around the world.