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  • EBITDA ups 6% to €813.7 million, driven by the international business (53% of total)
  • Cash flow increased by 9%, while unit operating costs were down 12%
  • Installed capacity rose by 23.4% and output by 24.4%, thereby strengthening IBERDROLA RENOVABLES global leadership position
  • International installed capacity exceeded capacity in Spain for the first time, reaching 51% of total
  • The Company expects to have 12,500 MW of capacity at year-end 2010, with the US being the main growth market
  • It has already perceived 546 million dollars in US grants and expects to perceive other further 30 million during this year

IBERDROLA RENOVABLES, leading world wind power company(1), posted consolidated net profit of €167.6 million for the first nine months, down 27,4% on the same period in the previous year amid falling energy prices in Spain. Nonetheless, EBITDA rose by 6% to €813.7 million, boosted by the international business which now accounts for 53% of the total.

The Company has strengthened its position as global leader in terms of both capacity and output. Installed capacity has grown by 23.4% from September 2008 to 10,477 MW at the September 2009 close. By the end of the third quarter, the Company’s capacity outside Spain reached 50.3% of the total, surpassing domestic capacity for the first time.

Operation capacity increased by 2,274 MW in the period, to 9,844 MW. This has drove output by 24.4% to 15,052 million kWh, despite the lower wind power registered during the quarter, especially in Spain and the US.

In the first three quarters, operating cash flow also grew by 9% to €623 million. During this period, IBERDROLA RENOVABLES has continued to make progress towards its target of improving efficiency, prompting a 12% decline in unit operating costs.

The Company remains financially robust, with €11.5 billion in equity at the end of September. At 25.2%, its leverage ratio is one of the lowest in the sector.

IBERDROLA RENOVABLES remains on track with its investment plans and expects to have 10,750 MW of installed capacity by year end and 12,500 MW by the end of 2010. At the end of September, 807 MW were under construction, 368 MW (45.6%) of which was in the USA.

This growth will be possible thanks to the company’s pipeline, the largest in the world, which stood at more than 57,400 MW(2) at the close of the third quarter, having risen by more than 2,800 MW in 12 months. IBERDROLA RENOVABLES’ widely diversified pipeline (42% of projects are located in the US, 25% in Spain, 9% in the UK and 24% in the Rest of the World) and its assets in operation currently benefit from the favourable regulatory treatment of renewable energy in its strategic markets.

United States, main growth market

In coming years, much of the growth will be in the United States. Ambitious renewable energy growth targets and a favourable regulatory framework make this country especially attractive.

IBERDROLA RENOVABLES has received $546 million in cash grants from the incentive programme to support renewable energies, which are offered by the US Treasury Department to companies investing in the country as part of the economic stimulus package. These grants, which temporarily replace Production Tax Credits, represent direct funding of 30% of investments made in each renewable energy installation commissioned or at the beginning of construction in 2009 and 2010.

IBERDROLA RENOVABLES will fully reinvest these grants and any further grants received in the future in the USA. In fact, the Company expects to perceive other 30 million dollars before the end of 2009.

The Company, which is among the top ten in the Ibex 35 by market capitalisation, operates in 23 countries. It is the largest investor worldwide in the sector, having allocated €10 billion to growth since it was created in 2001.



This document has been prepared by Iberdrola Renovables, S.A. (the “Company”) in relation with the announcement of third 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 10,000 MW of the current estimated project contribution of Gamesa Energía by virtue of the strategic agreement signed between Iberdrola Renovables and Gamesa Energía.
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