Spanish Electric Utility Company Invests over U.S. $2 billion in Renewable Energy

Spanish electricity company Endesa SA has said that it will invest EUR1.9 billion (US $2.46 billion) in the next five years to increase its renewable energy capacity in Europe.

In a presentation to analysts filed to the market regulator, the company said it will spend EUR1.4 billion in domestic renewable energy to get some 2,100 megawatts in wind power capacity in Spain and Portugal. It will also spend EUR500 million to buy some 350 MW of renewable capacity in Italy and another 55 MW in France.

The renewable investment figure represents 32% of the company's EUR6 billion planned investment in new capacity throughout Europe through 2009.

The company expects to have a total renewable capacity of 4,100 MW a the end of 2009, compared with 1,858 MW in 2003, and with more than 2,000 MW estimated for 2004, said a company official.

Hopefully this a sign of things to come, with other utility companies throughout the world spending a major portion of their investments in new generating capacity on clean renewable energy.

Endesa Official Website