The company said that half of its investments will be in the US, while Spain will get 23%, the rest of Europe will receive 25%, and other countries will account for 2%. The company will also invest E800 million in gas storage projects in the US.

The company has already lined up sites for the next seven years and turbine supplies for the next five years, with contracts totalling 10,000MW with various manufacturers including Gamesa, Alstom, Vestas, Siemens, GE, Suzlon and Mitsubishi.

Iberdrola Renovables also plans to boost its presence in mini-hydro developments, where it seeks to increase installed capacity from 350MW to 450MW in 2012, as well as in solar thermal electricity by building five 250MW plants, and in biomass with three 50MW plants under construction.

The company has also outlined plans for other projects in offshore wind power, wave energy and solar photovoltaic energy. In the US gas sector, the company plans to manage 5.4 billion cubic meters (bcm) in gas storage by 2012, compared to 3.4bcm in 2008.

The company’s goal, as described in its 2008-12 strategic plan, is to achieve a 13,500MW capacity in renewable energy in 2010, and 18,000MW by 2012, with an average annual installation rate of 2,000MW.