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Iberdrola Renewables invests $1.4 billion in wind power in the U.S. in first 9 months of 2008

Iberdrola Renewables adds 780 megawatts in new capacity in this country during the period, bringing the total installed there to 2,318 MW at end September

The Company, world leader in wind power*, has wind farms under construction amounting to an additional 697 MW in the United States.

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December 3, 2008

IBERDROLA's renewable energy subsidiary, Iberdrola Renewables, has intensified its activities in the United States this year, investing $1.4 billion in wind power in the first nine months, compared to $1.54 billion in all of 2007, to incorporate 780 megawatts (MW) of new installed capacity.

This was 56% of all new wind capacity installed so far this year by the Company and brings its total accumulated capacity from this source to 2,318 MW, reinforcing its position as the country's second largest wind operator. In the third quarter alone, it brought 334 MW on line in the U.S., investing $408 million.

In the eastern U.S., the Company recently celebrated the dedication of Casselman in Somerset County (Pennsylvania), with 23 GE Energy 1.5 MW wind turbines. Wind farms under construction include the largest project in Pennsylvania, the 102 MW Locust Ridge II project in Schuylkill and Columbia Counties, which features 51 Gamesa model G83 2 MW wind turbines, and the only utility-scale project in New Hampshire, the 24 MW Lempster project, with 12 Gamesa G87 2 MW wind turbines.

New wind farms recently completed include Providence Heights in Bureau County (Illinois), with 72 MW generated from 36 Gamesa model G87 2 MW nameplate capacity wind turbines, Winnebago I in Winnebago County (Iowa), with 10 G83 2 MW wind turbines, adding 20 MW, and Klondike IIIA in Sherman County (Oregon), with 51 GE Energy wind turbines of 1.5 MW nameplate capacity.

Iberdrola Renewables' total installed power worldwide reached 8,487 MW** at the close of September 2008, with 8,145 MW coming from wind farms and 342 MW from mini hydroelectric plants. The Company had 4,450 MW wind power capacity installed in Spain and 3,696 MW abroad.

Of total electricity production worldwide from wind power in the first nine months, amounting to 11,664 GWh, the United States accounted for 34% (4,066 GWh) with excellent load factor levels (36.1%). Iberdrola Renewables at present has 697 MW in wind farms in advanced stages of construction in the United States, in line with its objective of reinforcing its presence in the U.S., a key market for its growth plans.

The 2008-2012 Strategic Plan seeks to reaffirm Iberdrola Renewables' position as a pioneering force in clean energy worldwide. Thus, by the end of the period it intends to consolidate its leadership in Spain, the UK and the USA. Achievement of these business targets of the Strategic Plan will enable Iberdrola Renewables to expect an Ebitda of around €3,400m with estimated net profits of €1,000m.

Contact: Art Sasse, Director, Communications & Brand, Iberdrola Renewables, 503-796-7740
Paul Copleman, Media Relations, Iberdrola Renewables, 207-641-2805

* Source: New Energy Finance (December 2007)
** Excluding 606 MW third party owned under energy sales contract


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