Letter from the Chairman

The Company, which already has a presence in 23 countries, has assets in operation in eleven of the most developed markets, including Spain, the United States, the United Kingdom, Greece and France. At the same time, the growth and geographical diversification of the pipeline portfolio has continued to grow, exceeding 55,000 MW worldwide.

IBERDROLA RENOVABLES is thus in the best position to take advantage of opportunities for growth in this sector, which is due not only to its investment flexibility, but also to regulatory improvements taking place in the countries in which it is present, particularly in the United States.

These competitive advantages are combined with IBERDROLA RENOVABLES’ excellent workforce, which is made up of close to 2,000 people throughout the world, of which approximately 60% are holders of associate -and baccalaureate- level degrees. Also of note is the progressive inclusion of women in the workforce, with a 37% increase over 2007.

In sum, and with a view to the future, the Company will continue to carry out its strong business plan, acting as an engine for growth and economic activity through its investments and job-creation, in order to play an essential role in strengthening the industrial fabric while always favoring sustainable development in the societies in which it operates.



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