Iberdrola Renovables sees '08 net at 400 mln euros

MADRID - Spanish renewable energy company Iberdrola Renovables said on Thursday it saw 2008 net profit of around 400 million euros ($626.8 million).

By (Reuters)

Published: Thu 26 Jun 2008, 2:13 PM

Last updated: Sun 5 Apr 2015, 1:13 PM

Net profit should reach 1 billion euros in 2012 as it invests 18.8 billion euros from 2008 to 2012, Renovables said in a note to the stock exchange regulator.

Half of the investment budget is earmarked for the United States, with 23 percent for Spain.

It was targeting a dividend payout of between 25 and 50 percent of earnings over the next five years and saw gearing remaining below 50 percent over the five-year period.

The company said it had an installed capacity goal of 13,500 megawatts in 2010, rising to 18,000 MW at the end of 2012.

It saw net profit of 800 million euros in 2010, on EBITDA of 2.4 billion.

Iberdrola Renovables is owned by leading Spanish power company Iberdrola, which said last year it planned to invest 8.6 billion euros in renewables in 2008-2010, with an additional 3,300 MW in the pipeline.

More news from Business