IBERDROLA RENOVABLES BOOSTS ITS GLOBAL LEADERSHIP BY REACHING 10,000 MW, Iberdrola Renovables
Release Date: 2009-06-09
- Holds its first General Shareholders’ Meeting tomorrow in Valencia, a milestone in the company’s history
- The company will pay its first ever dividend, of 2.5 euro cents against 2008 earnings
- Net profit in 2008 totalled €390 million, 3.3 times more than the previous year
- The company has operations in 23 countries, where it has invested nearly €10,000 million in its eight-year history
- It is the only business from the Ibex 35 based in Valencia, and it is the seventh largest Spanish company by market value on this index, where it is the second largest Spanish utility
By the end of June, IBERDROLA RENOVABLES will have installed capacity of 10,000 MW, boosting its world leadership in wind power(1). This capacity, equivalent to 10 average-sized Spanish nuclear power plants, could avoid the emission of 8,000,000 tonnes of CO² a year and supply power to some 20 million Spaniards (45% of the population).
When IBERDROLA RENOVABLES was created in 2001 it had installed capacity of just 1,070 MW. Since then, a total investment of €9,849 million (€3,803 million in 2008 alone) and the company’s international expansion (it is present in 23 countries) have made this strong growth possible.
IBERDROLA RENOVABLES moved its headquarters to Valencia a year ago. It is firmly committed to the region and will hold its General Shareholders’ Meeting there tomorrow, the first in the company’s history that takes place in the region. In 2008, the IBERDROLA Group invested €315 million in Valencia and made purchases totalling €490 million. IBERDROLA RENOVABLES, the only Ibex 35 company based in the region, is the seventh largest Spanish company on this index by market value and is the second largest Spanish utility, behind IBERDROLA(2).
At the meeting the board of directors shall submit for approval the 2008 financial statements for IBERDROLA RENOVABLES. Last year the company reported net profit of €390.2 million, 3.3 times more than the previous year. EBITDA totalled €1,185.5 million, twice the 2007 figure.
Thanks to these robust earnings, IBERDROLA RENOVABLES will also will submit for approval by shareholders a proposal to pay a single gross dividend of 2.5 euro cents per share charged against 2008 profit, equivalent to a pay-out of 27%. This would be its first dividend as a listed company. This dividend is equivalent to a pay-out of 27% and exceeds the company’s objective, announced at its stock-market flotation in December 2007, of practically attaining shareholder remuneration of up to 25%.
In 2008, the company installed a total of 2,204 MW (at 31 December it had 9,302 MW), with output of almost 17,000 GWh.
The foundations for future growth
Looking forward, IBERDROLA RENOVABLES has laid the foundations on which to grow, thanks largely to its successful model based on a long-term non-speculative vision, diversification into the major countries, a sound balance sheet, a flexible business model and its commitment to RDI (in 2008 some €12 million were earmarked for this area). Its project pipeline, 56,000 MW(3) (the largest in the sector), also guarantees its growth.
The fact that half of the company’s EBITDA was generated outside of Spain is an indication of the firm’s international expansion. The weight of the US and the EU (nearly half of the company’s assets are in Spain, over 30% in the US, 7% in the UK and around 10% in the rest of Europe and elsewhere) leaves it poised to benefit from regulatory advances and a favourable environment in both areas.
In the US, in addition to the new measures approved as part of the economic stimulus package (which will help financing for projects, among other issues), Congress is due to pass a new Energy Bill which could include obligatory nationwide renewable portfolio standards.
Meanwhile, in the EU the new Renewable Energy Directive stipulates that 20% of the region’s energy must come from renewable sources by 2020.
“In this context wind power will be particularly important, judging by the overwhelming support shown in statements by international governments and organisations that this technology will clearly play a prominent role in reviving the economy” stressed Ignacio Galán, chairman of IBERDROLA RENOVABLES.
He added that “in this regard, and at a time like now, IBERDROLA RENOVABLES reaffirms its commitment to being a driving force of economic activity and the real driver of economic recovery in the countries in which it operates”.
IBERDROLA RENOVABLES employs nearly 2,000 people and in 2008 it generated 10,000 direct and indirect jobs.
In recent months IBERDROLA RENOVABLES has marked various milestones, such as the opening of its first thermal solar plant in Puertollano (Ciudad Real, Spain) and the inauguration of the Whitelee wind farm, the largest in Europe.
| Type: | NORMAL |
| Company: | Iberdrola Renovables |
| Country: | Spain |
| Url: | http://www.iberdrola.es/webibd/corporativa/iberdrola?IDPAG=ENMODULOPRENSA&URLPAG=/gc/prod/en/comunicacion/notasprensa/090609_NP_01_IRliderazgoMundial.html&WT.rss_a=IBERDROLA_RENOVABLES_BOOSTS_ITS_GLOB |