Spanish energy company Iberdrola announced plans to invest 9 billion euros (US$12.2 billion) through 2012 in developing hydropower projects and other renewable energy sources.
The United States, United Kingdom and Spain would receive much of the renewables investment, which is part of a broader development plan.
In 2009, the European Investment Bank (EIB) agreed to lend 300 million euros (US$448.7 million) to the Spanish utility to help finance three pumped-storage hydro projects as expansions of existing hydropower plants. (HydroWorld 11/24/09)
The company currently boasts a total generating capacity of more than 43,000 MW, with hydropower making up more than 22 percent of that capacity.
By 2012, Iberdrola expects renewables to grow to 28 percent of operating profits.
For more hydropower news and information, click here