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10/31/2019

Iberdrola Renewables awarded nearly $251 million in Treasury grants to generate more jobs, more clean energy

Iberdrola Renewables awarded nearly $251 million in Treasury grants to generate more jobs, more clean energy

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September 22, 2009

PORTLAND, Ore. — Iberdrola Renewables, Inc. today confirmed it has received US Treasury Department approval of three additional grants totaling $250,953,367. These grants represent investment by Iberdrola Renewables of approximately $860 million in US wind power in three states.

The grants for three additional wind farms put into service in 2009 result in a total of almost $550 million in Stimulus grants awarded to eight Iberdrola Renewables projects. To date, the company has submitted eight grant applications for new renewable energy projects totaling 980 megawatts (MW) of generation and more than $1.8 billion of investment by Iberdrola Renewables, and received grants for all eight.

The American Wind Energy Association estimates that 980 MW of new wind construction supports between 11,800 and 14,000 jobs in a single year, counting both direct and indirect jobs.

The grants were authorized under the American Recovery and Reinvestment Act in lieu of renewable energy production tax credits (PTCs) typically provided to wind generation facilities. Grants were awarded to the 160 MW Barton project (Iowa), 146 MW Farmers City project (Missouri), and the 120 MW Barton Chapel project (Texas). The financial crisis of last fall took away the ability of many renewables companies to use the PTC, jeopardizing investment in renewable projects.

Iberdrola Renewables immediately is putting the Stimulus funds into construction and development of additional renewable energy projects. Currently, the company has five wind projects under construction in Arizona, Illinois, North Dakota, Oregon, and Texas. Recently, Iberdrola Renewables announced plans to invest an additional $6 billion in renewable energy facilities through 2012.

"The Stimulus grant program allowed Iberdrola Renewables to resume its aggressive investment in wind farms all over the US — projects that are creating new, family-wage jobs in communities under economic strain," said Ralph Currey, President and Chief Executive Officer. "The company thanks the Obama Administration for implementing a grant program that is providing real economic benefits, and enables us and others to continue making renewable energy investments that otherwise would not happen."

Contact: Art Sasse, Director, Communications & Brand, Iberdrola Renewables, 503-796-7740
Paul Copleman, Media Relations, Iberdrola Renewables, 207-641-2805

 

About Avangrid

About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $44 billion in assets and operations in 24 U.S. states, Avangrid has two primary lines of business: networks and renewables. Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Through its renewables business, Avangrid owns and operates a portfolio of renewable energy generation facilities across the United States. Avangrid employs approximately 8,000 people and has been recognized by JUST Capital in 2021, 2022, 2023 and 2024 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2024, Avangrid ranked first among utilities and 12 overall. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2024 for the sixth consecutive year by the Ethisphere Institute. Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.

 

About Iberdrola: Iberdrola is one of the world's biggest energy companies and a leader in renewables, spearheading the energy transition to a low carbon economy. The group supplies energy to almost 100 million people in dozens of countries. With a focus on renewable energy, smart networks and smart solutions for customers, Iberdrola’s main markets include Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia. The company is also present in growth markets such as Japan, Taiwan, Ireland, Sweden and Poland, among others.

With a workforce of nearly 40,000 and assets in excess of €141.7 billion, across the world, Iberdrola helps to support 400,000 jobs across its supply chain, with annual procurement of €12.2 billion. A benchmark in the fight against climate change, Iberdrola has invested more than €130 billion over the past two decades to help build a sustainable energy model, based on sound environmental, social and governance (ESG) principles.

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