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17 April 2008 - Renewable energy major Iberdrola Renovables and the Caja Rural de Aragon (Cajalon) bank have agreed to form a joint venture to develop clean energy installations in the Aragon region of northeastern Spain.
The new company, in which Iberdrola Renovables will hold an 80 per cent share and Cajalon a 20 per cent stake, plans to develop clean energy installations with a total capacity of around 650 MW, including a number of wind farms and a solar thermal plant.
In principle, the projects are expected to be completed in a four-year period, although this will depend on the time required to obtain the various permits needed.
Iberdrola Renovables has also reported that both its production and installed capacity increased by 80 per cent in the January-March period of 2008, when compared to the same period in 2007.
According to the company, production in the January-March period of 2008 reached 4.9bn kWh, up from the 2.73bn kWh produced in the same quarter of 2007. Wind power accounted for 98 per cent of the total, of which 51 per cent was generated in Spain and 33 per cent in the United States.
The company's worldwide installed clean energy capacity totaled 8164 MW at the end of the first quarter of 2008, up from the 4552 MW reported a year ago. Wind farms supplied 7822 MW of this capacity and mini-hydro facilities accounted for 342 MW.
In Spain, the company raised its installed capacity by 16 per cent to 4681 MW. Wind power accounted for 4339 MW of the total capacity.
At the end of the first quarter, Iberdrola Renovables's total wind power capacity abroad came to 3483 MW, of which 2392 MW is in the USA and 428 MW in the UK.
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