| Iberdrola to Invest $2.1 Billion in 1,200-MW Hydropower Complex in Portugal |
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| Written by Industrial Info Resources |
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Researched by Industrial Info Resources (Sugar Land, Texas) Iberdrola SA (Bilbao, Spain), a major private electric utility and renewable energy company, has announced plans to build the 1,200-MW Alto Tamega hydropower complex in Portugal. Iberdrola will invest nearly $2.1 billion to build four new hydropower plants at the complex. Construction of the complex is scheduled to begin in 2010 and is likely to be completed by 2018. Upon completion, the Alto Tamega hydro complex, one of the largest hydropower projects undertaken in Europe in the last 25 years, will generate about 3 percent of Portugal's total demand for electricity and cater to the needs of about 1 million people. The project will comprise two plants with a total pumped storage capacity of 900-MW and two turbine-driven facilities with a capacity of 234-MW. The four plants will be capable of generating 2,000 gigawatt-hours of power every year. The four dams will be built at Alto Tamega, Daivoes, Gouvaes and Padroselos, and their useful lifetime is projected to be 65 years. The location of the new plants is strategic as they will be situated close to Galicia, where electricity interconnections between Portugal and Spain will be upgraded shortly. This will significantly reduce operating costs for Iberdrola.The Alto Tamega is expected to generate direct employment opportunities for more than 3,500 people and nearly 10,000 contractual jobs at the peak of its construction schedule. The project was awarded by the Portuguese government in July 2008 and was initially projected to cost $1.4 billion. Use of clean technology and renewable resources for power generation makes this project eco-friendly and reduces its dependence on fossil fuels. In addition to meeting domestic demand for power, the project will also help Portugal meet the European Union norms on emission of greenhouse gases by 2020. The hydropower project will cut about 1.2 million tons of carbon-dioxide emissions every year. Iberdrola has more than 100 years of experience in building hydropower plants. The group currently operates power plants with a total installed capacity of 10,000-MW globally. The company has also started building 14 new hydropower plants with a combined capacity of more than 2,000-MW: three in Spain and 11 in Brazil. Industrial Info Resources is a marketing information service specializing in industrial process, energy and financial related markets with products and services ranging from industry news, analytics, forecasting, plant and project databases, as well as multimedia services. |
