Following dozens of layoffs last month, Iberdrola Renewables Inc. has signed an agreement to keep Portland as its North American headquarters for another 10 years.
Jan Johnson, Iberdrola communications director, confirmed that the agreement with the Portland Development Commission (PDC) was propelled by a $1.15 million tax subsidy from the city.
Iberdrola, the nation's second largest developer of wind projects, will extend its lease in the Pearl District Brewery Blocks, where it employs about 350 people.
There was speculation the company would move its headquarters
after it laid off 50 workers in January, including 25 from its Portland offices. The company blamed the layoffs in part on the uncertainty surrounding whether Congress would extend the federal renewable energy Production Tax Credit (PTC).
“Regulatory uncertainty surrounding extension of the… PTC…, along with low electricity prices nationwide, present enormous challenges to renewable energy companies today,” Johnson said in an email to KOIN Wednesday.
Last year, Portland Mayor Sam Adams traveled to Spain, where Iberdrola is based, hoping to get a commitment the company would stay in Portland when its lease expires.
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Kacey Montoya and Faris Tanyos contributed to this report.
