Spanish wind giant looks to expand.

The Spanish power company  Iberdrola announced Tuesday that it had agreed to buy  ScottishPower for $22.5 billion, creating one of Europe’s largest utilities.      

Iberdrola is Spain’s second-largest power company behind  Endesa and one of the world’s leading producers of wind power. The deal with ScottishPower would enable it to increase its wind power capacity by as much as 50 percent, analysts say.

Iberdrole. based in Bilbao in northern Spain, has operations in 28 countries with sales of $15.3 billion last year. The new, combined company would be worth $84 billion.

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- David Adams