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Iberdrola Renewables Announces Solar Power Sale in Colorado

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October 12, 2010

PORTLAND, Ore., — Iberdrola Renewables today announced a power purchase agreement for a solar power facility to be located near Alamosa in southern Colorado. Public Service Company of Colorado (PSCo), an Xcel Energy company, has agreed to purchase the entire output of a 30 megawatt (MW) photovoltaic project under development in the north end of Alamosa County, Colorado.

Iberdrola Renewables’ expertise as one of the nation’s leading wind power project developers and operators has prepared the company to develop and deliver a variety of solar technology solutions. The sale, from what is expected to be one of Iberdrola Renewables’ first solar projects in the U.S., signals the company’s expansion into the solar power business for its utility customers. After being selected in a competitive bid process, the agreement with PSCo marks Iberdrola Renewables’ sixth transaction with Xcel Energy companies, representing over 400 MW of clean power.

“We look forward to our partnership with Iberdrola Renewables and to the continued development of solar resources in the San Luis Valley,” said Tom Imbler, vice president for Commercial Operations at Xcel Energy. “This part of Colorado has been identified as one of the best locations in all of the U.S. for securing energy from the sun, and Iberdrola Renewables’ investment shows the potential of this region of our state, now and well into the future.”

Iberdrola Renewables is developing the San Luis Valley Solar Ranch, and will own and operate the project. It is expected to begin construction later this year, with operation scheduled for the end of 2011. The solar facility is located on 320 acres of former agricultural land near the town of Mosca, which is considered to have one of the best resources in the country for solar power. The project will create employment opportunities and provide revenue for schools, health, fire, and other critical services in Alamosa County.

“It is a unique pleasure to enter into the solar power business, and once again partner with the Xcel Energy family of companies, whose vision for clean energy is helping drive new renewable technologies in many parts of the country,” said Martin Mugica, executive vice president for Iberdrola Renewables. “Tapping into limitless, homegrown sources of power is how Iberdrola Renewables will continue to grow, and meet the needs of its customers.”

Xcel Energy (NYSE: XEL) is a major U.S. electricity and natural gas company with regulated operations in eight Western and Midwestern states. Xcel Energy provides a comprehensive portfolio of energy-related products and services to 3.4 million electricity customers and 1.9 million natural gas customers through its regulated operating companies. Company headquarters are located in Minneapolis.

Iberdrola Renewables Inc. is an American company, headquartered in Portland, Ore., with over 850 employees. It is part of the Iberdrola Renovables global group, the world’s leading provider of wind power with more than 11,000 MW of renewable energy in operation around the world, and more than 3,800 MW of that wind power located in the U.S., now bringing its expertise into the solar industry. www.iberdrolarenewables.us

Contact

Art Sasse, Director, Communications & Brand, Iberdrola Renewables, 503-796-7740
Paul Copleman, Media Relations, Iberdrola Renewables, 207-641-2805
Mark Stutz, Xcel Energy, 303-294-2300

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