Iberdrola to invest 4.8 billion euros in Britain

13th September 2010, Comments 0 comments

Spain's Iberdrola, the world's biggest wind-power generator, said Monday it will invest 4.8 billion euros (6.14 billion dollars) in Britain, two-thirds of it in Scotland, through to 2012.

Ignacio Galan, president of the Spanish power giant, said the investment in Scotland will be primarily in wind power, intelligent electricity grids and a carbon dioxide capture and storage facility.

"This will mean that Iberdola will continue to be a catalyst for development in Scotland and the Basque Country, two lands of great importance for our company and for which we have major plans in the future," Galan said after a visit by Scotland's First Minister Alex Salmond to company headquarters in Bilbao in Spain's northern Basque region.

Iberdrola bought British group Scottish Power for 17.1 billion euros (21.7 billion dollars) in 2007 to create Europe's third-biggest power utility.

© 2010 AFP

0 Comments To This Article