Press release
Iberdrola Renewables uses nearly $300 million in Treasury grants to generate green jobs, clean energy
September 1, 2009
PORTLAND, Ore. — Iberdrola Renewables, Inc. today confirmed it has received US Treasury Department approval of five grants totaling $294,889,003 supporting new wind energy projects in four states. These grants represent investment by Iberdrola Renewables of approximately $1 billion in US wind power.
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 Peñascal Wind Project (Texas), Moraine II Wind Project (Minnesota), Locust Ridge II Wind Project (Pennsylvania), and Hay Canyon and Pebble Springs Wind Projects (Oregon).
"The approval of these grants today is a key event for Iberdrola Renewables," said Ralph Currey, President and Chief Executive Officer. "Switching from the PTC to the grant program was made necessary by the collapse of US financial markets last fall. This change will enable our company and others to keep investing in new renewable energy while the financial markets mend. Thanks to the grant program, Iberdrola Renewables is proceeding with new renewable investments in 2009 and will continue to do so next year and beyond."
Currey said the company expects the Treasury to act on three additional grant applications this month. In addition, Iberdrola Renewables presently has five wind projects under construction which would be eligible for the grants as well. These projects, in Arizona, Illinois, North Dakota, Oregon, and Texas, are part of the company's US renewable energy investment plan that is expected to place an additional $6 billion of capital investment in renewable energy facilities in the US through 2012.
"The Treasury grant program is serving its intended purposes. The staff at the Treasury Department has implemented the grant program with speed and care," Currey said. "Iberdrola Renewables is creating new, family-wage jobs through the construction and operation of renewable energy plants at a time when the US economy and local communities need it."
Contact: Art Sasse, Director, Communications & Brand, Iberdrola Renewables, 503-796-7740
Paul Copleman, Media Relations, Iberdrola Renewables, 207-641-2805
Media Contact
For media inquiries, email: corporatecommunications@avangrid.com
About Avangrid: Avangrid, Inc. is a leading U.S. energy company investing in grid infrastructure and power generation projects to deliver reliable energy and meet growing electricity demand. With approximately $50 billion in assets and operations across 25 states, Avangrid is helping modernize the U.S. electric grid, improve system resiliency, and support economic growth for the customers and communities it serves.
Avangrid owns and operates seven electric and natural gas utilities, serving more than 3.4 million customers in New York and New England. Avangrid also has nearly 100 energy generation facilities across the United States and more than 11 gigawatts of installed capacity. Avangrid has more than 8,300 employees and was named among the World's Most Ethical Companies in 2026 for the eighth consecutive year by the Ethisphere Institute. Avangrid is a member of the Iberdrola Group.
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.
