November 15 (Renewables Now) - Spanish energy company Iberdrola SA (BME:IBE) is planning its first venture into the Asia-Pacific renewables market with an investment in a 320-MW hybrid wind and solar project in Australia.
According to an emailed statement sent to Reuters on Friday, Iberdrola has already selected a site in South Australia for the AUD-500-million scheme (USD 339.3m/EUR 308m).
“We have spent several years studying the opportunities in Australia, and we now have a healthy initial pipeline of around 650 MW of wind and solar projects that we would like to develop,” Iberdrola’s director of renewable energy, Xabier Viteri, told Reuters.
Viteri said the Spanish company aims to have the projects in operation by 2021.
The Iberdrola group had 31,006 MW of installed renewables capacity worldwide at the end of September, according to its latest energy report. So far, it has focused its business efforts in Europe and the Americas.
(AUD 1.0 = USD 0.68/EUR 0.62)