Iberdrola, through its U.S. subsidiary Avangrid, has begun construction of two of its largest photovoltaic plants in the country, located in Texas and Ohio. These are the True North and Ohio Powell Creek projects, with a combined capacity of 523.5 megawatts (MW).
The Ohio Powell Creek farm, which is being built in Putnam County (Ohio), will have a capacity of 202.5 MW and will generate enough clean energy to supply more than 30,000 homes per year once it is operational. According to the utility, it will create up to 400 jobs during its construction phase and will generate more than 35 million euros in local revenue for communities over the life of the facility.
The True North wind farm, which is being developed in Falls County (Texas), will have a capacity of 321 MW and will begin operating in early 2025. According to the company, it will generate more than 200 jobs in its construction phase and will bring more than 37 million in property tax benefits to Texas over a 25-year period.
Growth in the US
The United States will be the main destination for the multinational energy company's investment in the 2023-2025 period: more than 22 billion, 47% of the total.
This includes both organic investments and the purchase of the US electricity company PNM Resources, which was rejected by the New Mexico Regulatory Commission. Now the acquisition has entered a new key stage in the creation of a giant with more than 40 billion in assets.
Iberdrola has grown considerably in two decades operating in the United States. It is now considering selling a portion of its subsidiary to finance its growth and reduce its debt level.