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SRP Buys Entire Output of Iberdrola Renewables' Dry Lake 2 Wind Power
Project

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PORTLAND, Ore. - (Business Wire) Iberdrola Renewables and Salt River
Project (SRP) today announced SRP has agreed to purchase the entire
output of Phase 2 of the Dry Lake Wind Power Project in northern Arizona
for a 20-year term.

When permitted, the Dry Lake 2 Wind Project will be located
approximately seven miles northwest of Snowflake on a combination of
private and state lands. The project will be just west of Arizona State
Highway 77 three miles east of Dry Lake 1, south of Holbrook and the
I-40 corridor.

"SRP has greatly enjoyed working with Iberdrola Renewables at Dry Lake
1, Arizona's first commercial-sized wind energy project," said SRP
General Manager Richard Silverman. "Adding additional wind energy to our
resource mix will provide more clean energy for our customers while at
the same time helping to increase the overall renewable energy supply in
Arizona."

Dry Lake's Phase 2 will use up to 31 Suzlon wind turbines and is
expected to generate up to 65 megawatts (MW) of electricity. Typically,
a wind farm of this size will provide clean, renewable electricity to
more than 9,100 typical homes in SRP's service territory. The estimated
environmental benefits of the project will result in the annual offset
of more than 176 million pounds of carbon dioxide, which is equivalent
to removing 15,000 cars from the road.

"We are very pleased to enter this second power purchase agreement with
SRP and to be permitting a second phase of the Dry Lake Project," said
Martin Mugica, executive vice president for Iberdrola Renewables. "We
are happy to help meet Arizona's growing demand for electricity --
especially clean, renewable, homegrown power."

The nine-to-12-month construction period of Dry Lake 2 is expected to
create construction and engineering jobs for as many as 200 workers and
approximately five permanent operations and maintenance staff.

Like Dry Lake 1, the Dry Lake 2 project would support the local economy
with property tax payments expected to be in the millions of dollars
over the life of the project. The property taxes will support schools,
public health, fire, library and other necessary services in Navajo
County.

Iberdrola Renewables, Inc., headquartered in Portland, Oregon, has
installed more than 3,500 MW of wind power in the US. It is part of
Iberdrola Renovables, the largest provider of wind power in the world*,
with more than 10,000 MW in operation in 23 countries. Iberdrola
Renewables employs more than 830 people in the U.S.

Salt River Project is the third-largest public power utility in the
country and serves more than 935,000 electric customers in the Phoenix
metropolitan area through a variety of resources including solar, wind,
biomass, geothermal and hydroelectricity.

*Source: New Energy Finance.


Iberdrola Renewables
Jan Johnson, 503-796-7070 begin_of_the_skype_highlighting
503-796-7070 end_of_the_skype_highlighting
www.iberdrolarenewables.us
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rdrolarenewables.us&esheet=6219784&lan=en_US&anchor=www.iberdrolarenewab
les.us&index=1&md5=3ad65d8307eafb7d58edf54c8319cae4>
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Devon Archer

Rosemont Capital, LLC
401 Greenwich Street, 4th Floor

New York, NY 10013

212 933 9965 (o)

212 933 9964 (f)

646 436 3745 (m)