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Another Wind Power Giant Sprouts in Iberia
by Stacy Feldman - Jan 31st, 2008
Energias de Portugal, or EDP, has announced that it’s preparing an Initial Public Offering (IPO) of its renewable energy arm in the second quarter of ‘08, market conditions permitting of course. So far so good though for the world's fourth largest wind power producer.
It’s the second clean energy boon on the Iberian Peninsula in two weeks. And even as the market tumbles. (The first came from Spain, Wind Power Giant Edges Out Halliburton in Energy Sector Rankings.)
EDP has big goals of global expansion. Last July it bought 100% of Texas-based Horizon Wind Energy, one of the largest wind energy firms in the US. And EDP projects that wind and hydroelectric power will represent 45 percent of its total earnings by 2010. In 2007, it was 34 percent.
Here's at least one reason why: Portugal boasts a target of 45% of its total power consumption coming from renewable sources by 2010. That puts it at third among European nations, after Austria and Sweden.
And the whole of the EU will soon be bound by tough new clean energy targets. The European Commission has just approved a plan that will force EU states to produce 20 percent of all power from renewable sources by 2020.
Here’s EDP's optimistic CEO Antonio Mexia on his company's move.
"The global energy market is changing and renewables are an unstoppable tendency.”
Take heed US Congress.
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