IBERDROLA RENOVABLES today launched its own corporate website (www.iberdrolarenovables.com), in another step towards the market listing of the renewables subsidiary of Spain’s IBERDROLA utility group, planned to take place before the end of 2007.

As the world’s leading producer and developer of wind power*, the company wants to make its web site an essential international reference point for information about renewable energies.

The site will contain all the corporate and financial information required from listed companies in the section “Information for Shareholders and Investors”. At the same time it will publish advice for contributing to sustainable development and environmental protection.

Thus the site opens up channels of communication with stakeholders –investors, shareholders; and society at large—and also with news media, official bodies, and public and private organisations.

The site will also disseminate the new company logo, introduced this summer, and its sustainable, green, dynamic, and modern values.

Available in Spanish and English, the www.iberdrolarenovables.com is divided into five sections:

IBERDROLA RENOVABLES, which engaged the Genetsis firm to help develop its web site, will aim for the double-A** accessibility rating for web content 1.0 from W3C-WAI, within the framework of its socially responsible policies.

World Leader in Wind Energy

IBERENOVA’s worldwide operational renewable energy generation capacity reached 7,342 MW on 30 September, representing an 80% increase from the 4,076 MW total a year earlier. This makes it the world’s largest producer of energy from renewable sources. Some 2,965 MW of total capacity is outside Spain. The total includes 342 MW from small scale hydroelectric plants.

IBERENOVA added 162 MW to its wind power potential in thirteen Spanish regions in the first nine months of 2007: 98 MW in Andalusia, 48 MW in Castile-León, 12 MW in Murcia, and 4 MW in the Basque Country.

In the international sphere, the company added 354 MW of capacity in the third quarter, and now operates 2,046 MW in the United States***, 372 MW in the United Kingdom, 214 MW in Greece, 89 MW in Poland, 86 MW in France, 60 MW in Germany, 50 MW in Portugal, and 49 MW in Brazil.

Meanwhile, IBERENOVA’s renewables projects, in varying stages of development, now add up to more than 41,200 MW. More than half (some 21,200 MW) are in the United States, with about 6,600 MW in Spain, nearly 6,100 MW in the United Kingdom, and some 7,350 MW in the rest of the world.

Output from the company’s operational renewables plants reached 9.4 billion kWh in the third quarter, up 68% from same-2006, and accounted for 11% of the IBERDROLA group’s total electricity production.

Annual production by the renewables plants is the equivalent to the average consumption of 10.5 million people in Spain, and it spares the earth’s atmosphere from emissions of more than 4.5 million tonnes of CO2 each year.

* Source: New Energy Finance (May, 2007).

** A double-A rating from the WAI (Web Accessibility Initiative) means that the site facilitates access and interaction by the disabled, the elderly, and people using unconventional technologies.

*** Includes 606 MW belonging to a third part under an energy sales contract.

IMPORTANT INFORMATION

Currently pending approval by Spain's Securities Market Commission (CNMV) is the prospectus for initial public offering of shares in Iberdrola Renovables, S.A.U. Once it has been approved, the prospectus will be made available to investors on the web sites of Iberdrola Renovables, S.A.U. and the CNMV, at the corporate domicile of Iberdrola Renovables, S.A.U., the relevant stock exchanges, the entities participating in the placement, and the agent.

This press release does not constitute an offer for sale in the United States of America, the United Kingdom, Canada, Japan, or Australia, or in any other jurisdiction in which offers or sales are prohibited by law. The securities named here cannot be sold in the United States of America absent registration or an exemption from registration under the US Securities Act of 1933. Iberdrola Renovables, S.A.U. does not intend to register any part of its public offering in the United States of America. This press release will not be distributed in the United States of America.

As regards the United Kingdom, to the extent that this press release constitutes an invitation or inducement to take part in an offer to sell securities, it will be understood to be directed only at persons who (i) fall within Article 19(5) ("investment professionals") of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (as amended), (ii) fall within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc.") of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (as amended), or (iii) are persons to whom this communication may otherwise lawfully be made without infringing the provisions of section 21 of the Financial Services and Markets Act.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking information, assertions or statements involving Iberdrola Renovables, S.A.U. Such statements including projections and financial estimations with their underlying assumptions, statements relative to plans, aims, and expectations as related to future operations; investments, synergies, products and services, and statements concerning future results. Forward-looking Statements are generally identified by their use of such terms as “expect” “anticipate,” “believe,” “intend,” “estimate”, and similar expressions.

In this regard, while Iberdrola Renovables, S.A.U. considers the expectations referred to in such statements as reasonable, investors and holders of shares in Iberdrola Renovables, S.A.U. are advised that the forward-looking information and statements are subject to risks and uncertainties, many of which are difficult to foresee and which are, in general, beyond the control of Iberdrola Renovables, S.A.U. These risks and uncertainties may lead to a significant difference between actual results and those suggested either explicitly or implicitly in these forward-looking statements

The forward-looking assertions and statements do not constitute any guarantee of future results. They have not been reviewed by the auditors of Iberdrola Renovables, S.A.U. It is recommended that no decisions be made on the basis of these forward-looking assertions or statements which refer solely to the date on which they were made. The totality of forward-looking assertions and statements reflected below as issued by Iberdrola Renovables, S.A.U. or any of its directors, executives, employees, or agents are expressly subject to these warnings.

The present forward-looking assertions or statements are based on information available at the time of the present release. Except insofar as applicable legislation may require, Iberdrola Renovables, S.A.U. declines all responsibility –even when new data are published or new developments occur—to publicly update its assertions or revise the forward-looking information.