IBERDROLA RENOVABLES assumes control of 100% of Rokas Group- The Greek stock market authorities approve the company’s delisting

IBERDROLA RENOVABLES assumes control of 100% of Rokas Group- The Greek stock market authorities approve the company’s delisting

- The squeeze-out following the voluntary takeover bid has been successfully completed

- IBERDROLA RENOVABLES consolidates its leadership of the Greek market with an installed capacity of 217 MW

IBERDROLA RENOVABLES now owns 100% of Rokas Group, having completed the squeeze-out process. Furthermore, the General Shareholders’ Meeting of Rokas, the largest operator in Greece’s wind energy market, has approved the delisting from the Athens Stock Exchange of the ordinary and preference shares representing the company’s entire share capital. The transaction has in turn been authorised by the CMC, the Greek stock exchange regulator.

This marks the culmination of the acquisition of the 52.7% of ordinary shares and 47.3% of preference shares of Rokas Group that IBERDROLARENOVABLES did not control, valued at around €175 million in cash. The transaction underlines the commitment of the renewables arm of the IBERDROLA Group to the Greek market, where it has been present since December 2004 when it acquired 21% of the ordinary share capital of Rokas. Since then the Company has continued to increase its stake in the leading operator in the Greek wind power market, completing the acquisition of 100% following the voluntary takeover bid made last year.

This transaction is in line with IBERDROLA RENOVABLES ’ strategy of bolstering its role in its core countries and accessing new markets. Moreover, it will serve to diversify the Company’s geographic presence and regulatory risk.

The transaction also consolidates its leadership of the Greek wind power market. Rokas Group, which specialises in the development, construction and operation of wind energy projects, ended 2008 with an installed capacity of 217 MW.



Leader in the world’s most important wind energy markets

IBERDROLA RENOVABLES consolidated its global leadership in the wind energy sector* in 2008 after investing a total of €3.8 billion to increase its installed capacity by 2,204 MW to 9,302 MW.

The company has the biggest project pipeline in the sector, standing at 55,117 MW** at the end of 2008. Of this, 41% of projects are in the US, 24.6% in Spain, 9.6% in the UK and 24.7% in the rest of the world.



* Source: New Energy Finance

** Includes a 10 GW contribution of 10.000 MW from Gamesa to joint venture companies following the strategic agreement between IBERDROLA RENOVABLES and Gamesa Energía



LEGAL NOTICE

DISCLAIMER

This document has been prepared by Iberdrola Renovables, S.A., (the “Company”) in relation with the announcement of the capacity and production results of the complete 2008 fiscal year.

The information and any statements made in this document have not been verified by independent third parties; therefore no express or implied warranty is made as to the impartiality, accuracy, completeness or correctness of the information or the opinions expressed herein.

Neither the Company nor any of its advisors or representatives assume liability of any kind, whether for negligence or any other reason, for any damage or loss arising from any use of this document or its contents.

Neither this document nor any part of it constitutes a contract, nor may it be used for incorporation into or construction of any contract or agreement.

IMPORTANT INFORMATION

This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of the Spanish Securities Market Law (Law 24/1988, as amended and restated from time to time), Royal Decree Law 5/2005 and/or Royal Decree 1310/2005 and its implementing regulations.

This report does not constitute an offer to purchase, sell or exchange or the solicitation of an offer to purchase, sell or exchange any securities. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act.

FORWARD-LOOKING STATEMENTS

This communication contains forward-looking information and statements about Iberdrola Renovables , S.A. and otherwise, including financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, capital expenditures, synergies, products and services, and statements regarding future performance. Forward-looking statements are statements that are not historical facts and are generally identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates” and similar expressions. Prior results cannot be used as indicators of future performance.

Although Iberdrola Renovables, S.A. believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Iberdrola Renovables , S.A. shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of IberdrolaRenovables, S.A., that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, among others, those discussed or identified in the public documents sent by Iberdrola Renovables , S.A. to the Comisión Nacional del Mercado de Valores.

Forward-looking statements are not guarantees of future performance and they have not been reviewed by the auditors of Iberdrola Renovables, S.A. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date they were made. All subsequent oral or written forward-looking statements attributable to Iberdrola Renovables, S.A. or any of its members, directors, officers, employees or any persons acting on its behalf are expressly qualified in their entirety by the cautionary statement above. All forward-looking statements included herein are based on information available to Iberdrola Renovables, S.A. on the date hereof. Except as required by applicable law, Iberdrola Renovables, S.A. does not undertake any obligation to publicly update or revise any forward-looking information or statements, whether as a result of new information, future events or otherwise.





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