Iberdrola to Boost U.S. Wind-Energy Investment
By Keith Johnson / The Wall Street Journal
Iberdrola SA, the Spanish renewable-energy giant, says it will spend $2 billion it raised Tuesday in a bond issue to keep growing in the U.S.
The company is already the second-largest wind-farm operator in the U.S., after Florida-based FPL Group Inc.'s NextEra Energy. The cash will strengthen Iberdrola's push to build more wind farms in the U.S., the world's largest market for wind power.
The announcement seemed designed to damp criticism from congressional Republicans and conservative commentators about the amount of U.S. government money Iberdrola is getting under a new federal renewable-energy subsidy program. When the federal government handed out $502 million in cash grants last week, Iberdrola received a majority of the funds--$294 million --for five projects in Oregon, Texas, Pennsylvania and Minnesota.
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