IBERDROLA RENOVABLES has brought three new wind farms on stream in the U.S. with a combined capacity of 168.5 megawatts (MW), thus boosting its growth and advancing its strategic goals in this market.

The three are Providence Heights in Bureau County (Illinois), with 72 MW coming from 36 Gamesa model G87 2 MW nameplate capacity wind turbines, Winnebago I in Winnebago County (Iowa), with 10 wind turbines G83 2 MW, adding up 20 MW, and Klondike IIIA in Sherman County (Oregon), with 51 General Electric wind turbines of 1.5 MW nameplate capacity.

IBERDROLA RENOVABLES at present has 781 MW in wind farms in advanced stages of construction in the United States.

The installation of these wind farms will enable IBERDROLA RENOVABLES to reinforce its presence in the USA, a key country for its growth plans. The 2008-2012 Strategic Plan foresees investing €9,400m (50% of total investment) in the U.S.

IBERDROLA RENOVABLES, world leader in wind power*, is the second largest U.S. operator in terms of installed capacity, with 1,983** MW of installed wind power at the end of June this year and a project pipeline of 22,286 MW, or 41% of the total.

IBERDROLA RENOVABLES’ total installed power worldwide reached 7,949 MW** at the close of the first half of 2008, with 7,607 MW coming from wind farms and 342 MW from mini hydroelectric plants. The Company already has 4,383 MW wind power capacity installed in Spain and 3,224 MW abroad.

IBERDROLA RENOVABLES' 2008-2012 Strategic Plan projects investments of €18,800m over the course of the five years. The working goals of the Company for 2012 are to multiply capacity by 2.5 with respect to 2007, to attain 18,000 MW, and to quadruple production, to more than 42,000 million kWh, as well as to continue diversifying and balancing the geographic distribution of its renewable installations.

The aim of the 2008-2012 Strategic Plan is to reassert IBERDROLA RENOVABLES' position as a byword in clean energy worldwide. Thus, by the end of the period it intends to consolidate its leadership in Spain, the UK and the USA. The achievement of these business targets of the Strategic Plan will enable IBERDROLA RENOVABLES to post an Ebitda of around €3,400m with net profits of €1,000m.

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* Source: New Energy Finance (December2007)

** Excluding 606 MW third party owned under energy sales contract

DISCLAIMER

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.

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, 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.

FORWARD-LOOKING STATEMENTS

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.