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Follow on Google News | CIG: Spain’s Iberdrola Renovables posts stronger than expected first quarter results.Spanish renewable energy giant Iberdrola reiterates optimistic targets for capacity and profit after posting better-than-expected first quarter results.
By: CIG LLC In recent weeks the share price of Spanish renewables firms have experienced major drops over speculation that the country may introduce severe subsidy cuts for future plants and possibly even for already established ones. "Wind power in Spain gets about €77 ($101) per megawatt hour, much lower than in the rest of Europe ... while photovoltaic (solar) power gets about €466 ($613) per megawatt hour, much higher than in our neighbours," The company also reiterated its forecast for a net profit growth of 20% for this year, CIG was informed, as well as its goal of having 12,500 MW of renewable energy installed by the end of 2010. The firm also repeated its forecast that it would install another 1,000 during both 2011 and 2012. # # # CIG is an exclusive, members only, offshore, private equity, investment firm that provides consulting services to like minded members of the private equity and alternative investment community. End
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