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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 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

This document has been prepared by Iberdrola Renovables, S.A. (the "Company") exclusively for use during the presentation of energetic balance of the first semester of the 2008 fiscal year. As a consequence thereof, this document may not be disclosed or published, nor used by any other person or entity, for any other reason without the express and prior written consent of Iberdrola Renovables, S.A.

Iberdrola Renovables, S.A. does not assume liability for this document if it is used with a purpose other than the above.

The information and any opinions or 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 or statements expressed herein.

Neither Iberdrola Renovables, S.A. nor its subsidiaries or other companies of the Iberdrola Group or its affiliates 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.

Information in this document about the price at which securities issued by Iberdrola Renovables, S.A. have been bought or sold in the past or about the yield on securities issued by Iberdrola Renovables, S.A. cannot be relied upon as a guide to future performance.

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, of July 28, as amended and restated from time to time), Royal Decree-Law 5/2005, of March 11, and/or Royal Decree 1310/2005, of November 4, and its implementing regulations.

In addition, this document does not constitute an offer of purchase, sale or exchange, nor a request for an offer of purchase, sale or exchange of securities, nor a request for any vote or approval in any other jurisdiction.

In particular, this communication does not constitute an offer to purchase, sell or exchange or the solicitation of an offer to purchase, sell or exchange any securities. The shares of Iberdrola Renovables , S.A. may not be offered or sold in the United States of America except pursuant to an effective registration statement under the Securities Act or pursuant to a valid exemption from registration.

This communication contains forward-looking information and statements about Iberdrola Renovables, S.A., 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.

Although Iberdrola Renovables, S.A. believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Iberdrola, 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 Iberdrola Renovables, 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 those discussed or identified in the documents sent by Iberdrola Renovables, S.A. to the Comisión Nacional del Mercado de Valores, which are accessible to the public.

Forward-looking statements are not guarantees of future performance. 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 statements, whether as a result of new information, future events or otherwise.

About Avangrid

About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $44 billion in assets and operations in 24 U.S. states, Avangrid has two primary lines of business: networks and renewables. Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Through its renewables business, Avangrid owns and operates a portfolio of renewable energy generation facilities across the United States. Avangrid employs approximately 8,000 people and has been recognized by JUST Capital in 2021, 2022, 2023 and 2024 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2024, Avangrid ranked first among utilities and 12 overall. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2024 for the sixth consecutive year by the Ethisphere Institute. Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit


About Iberdrola: Iberdrola is one of the world's biggest energy companies and a leader in renewables, spearheading the energy transition to a low carbon economy. The group supplies energy to almost 100 million people in dozens of countries. With a focus on renewable energy, smart networks and smart solutions for customers, Iberdrola’s main markets include Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia. The company is also present in growth markets such as Japan, Taiwan, Ireland, Sweden and Poland, among others.

With a workforce of nearly 40,000 and assets in excess of €141.7 billion, across the world, Iberdrola helps to support 400,000 jobs across its supply chain, with annual procurement of €12.2 billion. A benchmark in the fight against climate change, Iberdrola has invested more than €130 billion over the past two decades to help build a sustainable energy model, based on sound environmental, social and governance (ESG) principles.

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