Iberdrola, EBRD to Develop Wind Farms in Eastern Europe

The European Bank for Reconstruction and Development will buy 25% of Iberdrola Renovable's units in Poland and Hungary for $181 million.

Spanish renewable energy group Iberdrola Renovables said earlier this week that it had reached a deal to develop wind farms in eastern Europe in conjunction with the European Bank for Reconstruction and Development.

Under the deal, the EBRD will buy 25% of Iberdrola Renovable's units in Poland and Hungary for 125 million euros (US$181 million), the company said.

It said a formal contract was expected to be signed in the coming weeks.

Iberdrola Renovables, a subsidiary of Spanish power group Iberdrola, is a global leader in wind power and is present in 23 countries.

It ended 2009 with an installed capacity for wind power production of around 11,000 megawatts.

The company announced last week it had won a contract along with Sweden's Vattenfall to build "one of the biggest offshore winds farms in the world" in Britain.

Copyright Agence France-Presse, 2010

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