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  • Despite a weaker Spanish market, EBITDA held steady on the back of strong international performance
  • EBITDA grew by 50.2% in the United States and by 26.2% in the UK, while in Spain it fell by 19.6%
  • The company cemented its global leadership by raising installed capacity by 27.3% and output by 20% in the first quarter
  • The company’s solid balance sheet is reflected by €11.4 billion in equity and gearing at 24.9%, one of the industry's lowest

IBERDROLA RENOVABLES posted net earnings of €113.6 million in the first quarter of 2009, 10.1% down on the same period last year. The decline chiefly reflected weaker electricity prices in Spain.

Power output prices on the Spanish market slipped by 34% year-on-year-from 67 to 44.3 euros per megawatt hour (MWh)- over the quarter to reach the lowest level anywhere in the European Union.

The company offset this scenario with its geographical diversification strategy. A strong international performance edged EBITDA 0.1% higher to €338.1 million. By region, EBITDA was 19.6% down in Spain. It was 50.2% up in the United States, 26.2% up in the UK, and 12.4% higher in the Rest of the World. The company now obtains 50.1% of its earnings outside Spain.

IBERDROLA RENOVABLES remains financially robust, with €11.4 billion in equity at the end of March and gearing of 24.9%, one of the industry's lowest.

IBERDROLA RENOVABLES cemented its world leadership in wind power(1) , raising installed capacity in the first quarter of 2009 by 27.3% (322 MW) to 9,624 MW. Output rose 20% to 5,397 million kilowatt hours (kWh). The company, which operates in 23 countries, owes its strong performance largely to its forward-looking strategy, reflected in IBERDROLA’s decision in 2001 to commit to renewable energy.

In the first quarter of the year, the company expanded its project pipeline –the world’s largest- by around 900 MW to a total 56,000 MW.(2) IBERDROLA RENOVABLES’ widely diversified pipeline (41.9% of projects are located in the US, 24.6% in Spain, 9.1% in the UK and 24.4% in the Rest of the World) and operating fleet currently benefit from favourable regulatory treatment of renewable energy in its strategic markets.

Regulatory support

In the United States, the Stimulus Package has given renewable energy utilities a powerful boost. The new law makes it easier for utilities to collect government grants and singles out the sector for federally funded support. Moreover, in a recent finding, the US Environmental Protection Agency acknowledged for the first time the negative effects of CO2 emissions pose a threat. This opens the door to regulatory action favouring renewable energy.

One of IBERDROLA RENOVABLES’ goals for the rest of the year is to continue to grow in its main markets while enhancing efficiency. Over the coming months, the company will open Europe’s largest wind farm, Whitelee in Scotland, with an initial 322 MW, a solar thermal plant in Puertollano, Ciudad Real, a biomass plant in Corduente, Guadalajara, among other projects.

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This document has been prepared by IBERDROLA RENOVABLES, S.A. (the “Company”) in relation with the announcement of first quarter of 2009 earnings.

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.


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.


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 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, 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 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.

(1) Source: New Energy Finance
(2) Includes a contribution of 10 GW from Gamesa to joint ventures following the strategic agreement between Iberdrola Renovables and Gamesa Energía
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