In 1840, a group of American entrepreneurs created the Hartford City Light Company, setting in motion the incorporation on the eastern seaboard of the US of Energy East, which would much later become Iberdrola USA. Meanwhile, thousands of kilometres away in Spain, a similar process was underway. In 1901 in Bilbao, a group of entrepreneurs headed by engineer Juan de Urrutia established Hidroeléctrica Ibérica. In 1907, Hidroeléctrica Ibérica shareholders created Hidroeléctrica Española to supply Madrid and Valencia. A decade later, Saltos del Duero was founded, opening the country's first hydroelectric facility in 1935, the Ricobayo power plant.