2 May 2006 — IBERDROLA, an operator of renewable energy facilities headquartered in Madrid, Spain, and Community Energy, Inc., a U.S. wind energy marketing and development company based in Wayne, Pennsylvania, announced today a merger agreement in which CEI will be acquired by IBERDROLA.
In announcing the transaction, IBERDROLA President, Ignacio Galan, who is in the United States this week meeting with analysts and investors, said: “This transaction combines IBERDROLA’s international experience in wind energy ownership and operation with CEI’s market leadership and 2,000 MW pipeline of operating and development projects in the U.S., giving IBERDROLA a platform to enter the U.S. wind market quickly and at scale.”
Brent Alderfer, CEI President, confirmed the unique value of the merger in the U.S. market and called it a “perfect marriage.” He said that the merger combines the U.S. market of CEI with the strength and capital of an international wind energy company.
“IBERDROLA — with some 3,600 MW of wind energy in commercial operation, a 500 person team dedicated to renewable energy, and an ability to source equipment internationally — is uniquely poised to accelerate CEI’s delivery of wind energy generation to its utility partners and customers,” Alderfer said.
IBERDROLA recently announced plans to build over 10,000 MW of renewable energy worldwide by the end of 2011. CEI is expected to be a key part of IBERDOLA’s U.S. strategy and will remain a separate company with its executive and senior management team intact.
The acquisition is pending proper approval from government authorities.