Spanish renewable energy company Iberdrola Renovables said on Thursday it saw 2008 net profit of around €400m.
Net profit should reach €1bn in 2012 as it invests €18.8bn from 2008 to 2012, Renovables said in a note to the stock exchange regulator.
Half of the investment budget is earmarked for the US, with 23% for Spain.
It was targeting a dividend payout of between 25% and 50% of earnings over the next five years and saw gearing remaining below 50% over the five-year period.
The company said it had an installed capacity goal of 13,500MW in 2010, rising to 18,000MW at the end of 2012.
It saw net profit of €800m in 2010, on EBITDA of €2.4bn.
Iberdrola Renovables is owned by leading Spanish power company Iberdrola, which said last year it planned to invest €8.6bn in renewables in 2008-10, with an additional 3,300MW in the pipeline.
By Sonya Dowsett, Reuters
