By Maitane Sardon
Iberdrola SA (IBE.MC) said Monday that it will replace its two remaining coal-fired power plants with renewable energy projects as it works toward aligning its activities with the Paris Agreement on climate change.
The Spanish energy company's Chairman and Chief Executive Ignacio Galan said at the 25th summit of the United Nations Climate Change Conference that Iberdrola will close its last remaining coal power plants in the Spanish towns of Velilla and Lada, which have a combined capacity of 874 megawatts and are scheduled to be decommissioned in 2020.
The company will replace the plants with wind and solar parks with a capacity of up to 500 megawatts and will relocate all the existing workforce. Some of the employees will work in renewable energy facilities and some will undertake decommissioning works in the coal-fired plants, it said. Iberdrola expects the decommissioning works to last four years and said the sites where the coal mines are will undergo a landscape restoration.
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