Tuesday, May 21, 2013

FINANCIALLY TROUBLED IBERDROLA SELLS OFF SOME ASSETS, BUT RETAINS TULE WIND PROJECT


By Miriam Raftery
January 9, 2013 (San Diego’s East County) – Spanish utility giant Iberdrola Renewables still plans on “going ahead with Tule Wind” in McCain Valley near Boulevard despite a string of financial setbacks, Paul Copleman, media relations spokesman at Iberdrola USA, told ECM. 

Iberdrola, the world’s largest operator of wind farms, sold off $1.1 billion in assets in 2012 to reduce its staggering 32 million euros of debt as the company's Standard and Poors Rating teetered just above junk bond status.  Assets sold included 32 wind farms in France to GE. 

 Iberdrola also divested itself of some natural gas assets and  in the U .S., Energy Network, Energetix and NYSEG Solutions. In addition, the company has has quietly abandoned efforts to pursue at least one U.S. wind project and potentially more. 
In New York, the Watertown Daily News reports Iberdrola has removed meteorological testing towers at its Stone Church wind site in Hammond and is no longer pursuing the project, quoting Copleman.  Revelations of major conflicts of interest among decision makers on the town council had surfaced in Hammond, where numerous councilmembers and planners had lands that would be leased to Iberdrola, financial investments that could yield profits from the project, or relatives employed by Iberdrola.

The Thousand Islands Sun, a small local newspaper with no online edition, reportedly published that Iberdrola Business Development Manager Jenny Briot has stated that the company is canceling 100 projects in the United States, according to leaseholder James Pitcher.

Copleman denies that 100 projects are being cancelled.   [East County Magazine]

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