Iberdrola to invest 1.4 billion dollars in US network

29th September 2010, Comments 0 comments

Spanish power giant Iberdrola said Wednesday it will invest 1.4 billion dollars to build a new electricity grid in the northeastern US state of Maine that will connect with transmission lines from Canada.

The project involves building five new 345-kilovolt substations linked by approximately 800 kilometres (500 miles) of new or rebuilt transmission lines that will pass through 75 cities and towns, it said in a statement.

The new electricity grid will create up to 3,100 jobs during its peak construction period and it is expected to be completed in 2015.

It is the largest energy infrastructure project in Maine's history and the first upgrade of the state's electricity grid in 40 years.

Iberdrola, the world's biggest wind-power generator, said the project will support the development of new renewable energy resources by increasing the capacity and efficiency of the New England transmission grid.

The company also said it will invest 166 million dollars (123 million euros) on a new 'smart grid' programme to be developed over the next two years for the Central Maine Power Company.

"Today marks a major milestone for Iberdrola USA and Maine," Iberdrola USA chief executive Bob Kump said.

Last year, US President Barack Obama announced 3.4 billion dollars in grants to modernise the country's electricity grid.

© 2010 AFP

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