Iberdrola Renewables Announces First Missouri Wind Project

146 MW Project Now Under Construction

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September 5, 2008

PORTLAND, Ore.-Iberdrola Renewables today announced the construction of the Farmers City Wind Project near Tarkio, Missouri. The company's first project in Missouri, named for a historic farmers market that was located within the wind farm's boundaries, will join the company's wind portfolio that includes over 2,000 megawatts of wind projects in 13 other states.

Located in Atchison County, Farmers City is expected to generate 146 megawatts (MW) of electricity. The project's output is expected to provide clean, renewable electricity to more than 40,000 average American homes annually.

The Atchison County Commission, Clerk, Assessor, Collector and the Atchison County Development Corporation have worked hand in hand with IBERDROLA RENEWALBES to make this project a reality in Atchison County. The project was made possible in-part by the use of the Enhanced Enterprise Zone. Having an Enhanced Enterprise Zone already established allowed the county to use the necessary economic development tools available to move this project forward. In addition to the increased tax revenue that the county as a whole will see as a result of the Farmers City Project, it will also be a great economic boost to our school districts and many other political subdivisions of the county that will benefit from tax dollars as well as PILOT payments (payments in lieu of taxes). The construction phase of this project will also spur economic activity within the County. The Atchison County Commission is proud to be a part of IBERDROLA's first Missouri project and is excited about the job opportunities it will provide to local citizens.

The Farmers City project will use 73 2.0 MW Gamesa turbines. Iberdrola Renewables solicited bids for the output of the Farmers City project in combination with two other projects under development. Nationwide, customer demand for wind power is surging as utilities and municipalities add clean, renewable power to their supplies. Wind power can serve as a hedge against volatile fossil fuel prices and has proven to be a reliable, low-cost source of energy.

"Iberdrola Renewables is excited to be a part of bringing the environmental and economic benefits of clean, renewable wind energy to Missouri," said Mark Stacy, director of development for Iberdrola Renewables. "We are grateful for the incredible support of the county government as well as the community enthusiasm that the Farmers City Wind Project has enjoyed and look forward to building that relationship as a member of the community for many years."

The Farmers City project will support the local economy with property tax payments expected to be in the millions of dollars over the life of the project. A significant number of locally filled jobs are expected to be created during the construction of the project. Additionally, Iberdrola Renewables will be recruiting locally for permanent wind farm operations and maintenance employees in the coming months.

The entire project spans approximately 25,000 acres on over 50 different owners' land. However, the actual footprint of the turbines and associated facilities will use less than two percent of the total acreage. Landowners will continue using the remaining land for current agricultural purposes.

Iberdrola Renewables is currently the world's leading provider of wind power with more than 8,000 MW of wind power in operation globally now. Between 2008-2012, the company will invest €18.8 billion globally to achieve installed capacity of close to 18,000 MW and production of more than 42,000 GWh. Iberdrola Renewables will invest $8 billion in the U.S. between 2008 and 2012 and plans to install 1,000 MW of wind power each year in the US. www.iberdrolarenewables.us

Contact: Art Sasse, Director, Communications & Brand, Iberdrola Renewables, 503-796-7740
Paul Copleman, Media Relations, Iberdrola Renewables, 207-641-2805