Iberdrola Renewables Acquires 50% of Societa Energie Rinnovabili

Spanish utility Iberdrola Renewables has acquired 50% of Societa Energie Rinnovabili. The joint venture with Italian energy group API Holding, through its subsidiary API Nova Energia, aims to develop, build and operate 350MW of wind power in Italy over the next few years.

The new company plans to start up a total of seven wind power projects between 2008 and 2009, located in Sicily and the Puglia region, with an investment of approximately E500 million.

The joint venture is in the framework of a strategic alliance signed by Iberdrola Renewables and API Holding in March 2007, which allows the company to strengthen its position in the Italian wind power sector jointly with one of the country’s well-established energy groups.

API Holding, through API Oil, concentrates on supply, transport, refining and distribution, both in Italy and abroad. It took its first steps in the wind energy sector in 2000 and now has 30MW of wind power in operation and a 60MW biomass plant. It also has a 280MW combined cycle gas installation.

The wind farms to be developed by Societa Energie Rinnovabili are in addition to Iberdrola Renewable’s project pipeline in Italy of 200MW with an option for 100MW more. This new project falls within the framework of its strategy of accelerating international growth, underlined recently by the acquisition of four wind power projects in Hungary with a total capacity of 108MW and an investment of E155 million.