64 MAKALE / ARTICLE "clean" energy. The most innovative is sportting an opportunity to exploit RE competenci-es to expand globally where traditional expansion is too costly. RE Driving Global Strategies With wind power as a major driver, l berdrola, one of Europe's middle-sized energy companies and Spain's second largest utility, is way aut front establishing itself as a RE utility, and extending that positioning globally. Building on its strong position in the Spanish wind market l berdrola, through its RE subsidiary lbeRenova has steadily been building a diversified • RE generation portfolio, including wind (787 MW at YE 2001 ), mini-hydro (283 MW), co-gen (406 MW) and bioenergy (25 MW) lbeRenova is emerging as Europe's largest wind operalar, helped in large part by its close association with Gamesa. in September 2002, l beRenova announced the acquisition of 982 MW of wind projects from Gamesa: 666 MW of wind projects, ali operationl by YE 2002, far 693 million euro, including assumed debt, and an option to purchase another 316 MW far 337-376 million euro, including assumed debt, of which 283 MW will be in operation by YE 2003. in July 2002 lbeRenova acquired a 30.4 MW wind farm from Gamesa far 13.7 million euro. The larger deal was part of a broader strategic alliance, including the joint development of wind projects internationally, which is sure to continue to benefit lbeRenova's growth strategy. Gamesa Energia has been one of the most aggressive wind developers in Spain; its wind development rights portfolio totalled 3,365 MW as of June 2002 with a total of 11,805 MW under application, according to a recent Deutsche Bank report, mostly in Spain (65%) but alsa in ltaly (25%), Portugal, and Greece. Emerging Global Wind Developers lbeRenova's wind portfolio is bolstered by its 37% stake in Spanish developer EHN (Figure 2). EHN and lbeRenova have developed 445 MW of wind projects in Castilla-La Mancha via a 50:50 joint venture, Energias Eolicas Europeas. Separately, EHN has developed another 450 MW of wind projects in Navarre. Altogether EHN has a net capacity installed of 541 MW, another 250 MW under construction, and development rights far another 1,094 MW. EHN's portfolio alsa includes a grid-connected 25 MW cereal straw-based biomass plant, agrid-connected 1.18 MW solar PV plant, and 64 MW of small hydro (25 plants). lberdrola and EHN are alsa teaming up to develop markets overseas, through Compania Americana de Energias Renovables (CADER), which is 51% owned by lberdola. CADER is a holding company with the following subsidiaries: t North American Renewables Corporation (NAR): NAR is tasked with developing some 1,200 MW of wind projects in the U.S. and Canada, and recently concluded a joint venture (SunNarWindpower) with the Suncor Group to develop projects in Canada. t New York Wind Power: A NAR subsidiary to develop wind in NY state. t Energias Renovables do Brasil (Enerbrasil): Enerbrasil is tasked with developing 2,245 MW of projects in Brazil. ENERJi & KOJENERASYON DÜNYASI Jberdrola Spaln lnternational EEE NAR U.S./Canada EHN CADER Int'I IbeRenova Enererasil Brazll With help from Gamesa and EHN, lbeRenova is emerging as a leading RE utility worldwide. lberdrola's 2002-2006 strategic plan calls far developing 3,800 MW from renewable sources by 2006. With the addition of Gamesa's wind farms, l beRenova will have close to 2,000 MW in place by YE 2002, and expects to have 3,030 MW in place by YE 2003. Given the global activities of Gamesa, EHN and CADER, the 2006 target will likely be reached well ahead of Schedule. And with over 8,000 MW of hydro among its traditional generation assets, the company will soon boast 11 ,000 MW of clean energy, about 60% of its overall generation base. One European player with a more entrenched international presence, via its merger with U.S. utility Pacificorp in 1999, is ScottishPower. ScottishPower has emerged as a leading wind developer in the UK, with 128 MW of capacity in operation and another 546 MW under development, including large Scottish projects in Black Law (134 MW) and Whitelee (240 MW), and a minority stake in the Shell Flats Offshore windfarm (54 MW ofa total 324 MW) Compliance with the UK's renewables policies is clearly a driver far ScottishPower, not only to meet its own obligationsof 10% renewables by 2010, but alsa to capture additional share of the up to 8,000 MW of new renewable energy capacity required UK wide via gren certificate trading. While Scotland and the UK form the base of ScottishPower's renewables strategy - Scotland alone is targeting 40% renewables by 2020-the multinational utility is clearly pursuing a strategy to make use of its experience advantege in the US through subsidiaries Pacificorp and PPM Energy. Both players have stepped to the fare in developing and promoting renewables over the last two years.Pacificorp, owner of northwestern US utilities Pacific Power and Utah Power, has been our front in promoting renewables in the US, including the release of a 10-yr lntegrated Resource Plan calling far 1 ,400 MW of new wind and geothermal energy. Pacificorp has PPAs in place far 83 MW ofwind from Wyoming Wind and Rock River WY, owns a 23 MW geothermal plant in Utah, and has a stake in the Solar il solar thermal concentrating plant in the Mojave Desert. Meanwhile, PPM Energy, a Merchant power player, has announced plans to bring to market some 2,000 MW of new wind energy over the next 5-7 years. PPM is a major wind player already with 500 MW it owns or markets from the Stateline, Klondike, and High Winds farms in the Pacific NW
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