In order to reinforce its organisation due to the size it has reached and its growth perspectives, IBERDROLA RENOVABLES is introducing changes in its executive team. Jose Ángel Marra Rodríguez will be the new CFO, starting on January 23rd. An Industrial Engineer by ICAI University, he was Indra Sistemas CFO since December 2000. Before that, he occupied several positions at BBVA, Argentaria and the European Productivity Institute.

The current CFO, Estanislao Rey-Baltar, will now occupy the position of Deputy CEO, in direct dependence to Xabier Viteri, with the aim to reinforce the organisation. His mission will be to coordinate the Company’s business development and the application of the guidelines in every business area. Rey-Baltar, a graduate of Economics and Business by Comercial de Deusto University and MBA by el Instituto de Empresa, started working in 1997 in GRUPO IBERDROLA, where he has occupied different positions.

The rest of the executive team of IBERDROLA RENOVABLES remains the same.

IBERDROLA RENOVABLES, the global leader in wind energy*, boasted an installed capacity of 8,488 MW at the end of third quarter 2008, representing year-on-year growth of 70.5%. Iberdrola is the top-ranked wind power company in Spain and Greece, and the second-ranked in the United States and United Kingdom.

* Source: New Energy Finance (December2007)