Iberdrola Renewables and Sempra Generation Each Planning 300MW of Clean Energy

(MoneyWatch)  Another 600 megawatts of power from the sun and wind could be coursing through power lines by next year, if the plans of two major companies, Iberdrola Renewables and Sempra Generation, are successful in their plans.

Iberdrola is suffering through a rough patch, having just told investors that its first quarter net profit is down 34 percent. However, much of the bad result was due not to bad performance, but to extraordinary gains recorded in the first part of last year. And the company expects to benefit from the economic stimulus package, taking up to half a billion dollars to build more wind generation capacity in the United States.

The plan Sempra has is considerably more ambitious, despite calling for the same end generation capacity as Iberdrola's project. Having just said last week that it would add 48MW to an existing 10MW thin-film solar deployment in Nevada, Sempra has cranked up the numbers, announcing its intentions at an ongoing Dow Jones conference.

Only one solar project to date has promised to be larger than the 300MW field, which would cover several square miles. That's the deal for 550MW struck between Optisolar and Pacific Gas & Electric in California, the rights to which First Solar now has claim. As it happens, First Solar is also a partner to Sempra, which suggests that this ambitious plan, unlike some made in the past, might actually succeed. And Sempra plans to fund the build-out from its own profits. Iberdrola, on the other hand, may be relying on grants and loans.

Encouraging as the news from both companies is, it's still far too early to call a recovery in the cleantech sector.