A FLEXIBLE SUSTAINABLE GROWTH PLAN

The Strategic Plan’s flexibility will enable the Company to finance and modulate its investments according to the requirements of each particular time and each set of circumstances.

In 2008, IBERDROLA RENOVABLES has implemented the 2008-2012 Strategic Plan, the primary objective of which is to cement the Company’s position as the world wind energy leader and the international benchmark in renewable energy. The flexibility of the Plan ensures sustainable growth and will enable the Company to finance and modulate investments according to the requirements of each particular time and each set of circumstances, and to manage its assets portfolio so as to maximize the value thereof.

2009 INVESTMENTS. Graphics Gallery 1 | 2

INVESTMENTS

Faced with a complex economic scenario and uncertainty in the markets, the Company plans to invest at least 2 billion euros in 2009, of which 90%