Sept. 1 (Bloomberg) -- Iberdrola SA, a Spanish company, will get most of the more than $500 million in economic recovery funds the Obama administration said today it is distributing to U.S. renewable-energy projects.
Bilbao, Spain-based Iberdrola will get $236 million for wind farms in Texas, Oregon and Minnesota and an additional $59 million for a Pennsylvania wind project, U.S. officials said.
Twelve projects in total will get funds, with 59 percent of the money going to Iberdrola’s Penascal project in Texas, the Hay Canyon and Pebble Springs wind farms in Oregon, Locust Ridge II in Pennsylvania and the Morraine II wind farm in Minnesota.
The money is part of President Barack Obama’s economic recovery plan. The entire plan contains about $3 billion that will be given in lieu of tax credits to support about 5,000 biomass, solar, wind and other types of renewable energy production facilities.
“This renewable energy program will spur the manufacture and development of clean energy in urban and rural America,” Treasury Secretary Timothy Geithner said in a written statement.
Obama has set a goal of doubling renewable energy production in three years. He also has said that development of cleaner energy sources would create jobs.
“We are delighted and we are right now putting the stimulus money to use,” said Jan Johnson, a U.S. spokeswoman for Iberdrola.
She said the company plans to spend $6 billion over four years on renewable energy projects in places such as Arizona, Texas, Illinois, North Dakota and Oregon.
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