Iberdrola, S.A. Abu Dhabi National Energy Company PJSC (TAQA) to explore co-investment opportunities

25 May 2008

Both companies will explore co-investment and development opportunities in the Middle East, North Africa, Europe and North America

IBERDROLA, S.A. ABU DHABI NATIONAL ENERGY COMPANY PJSC (TAQA) TO EXPLORE CO-INVESTMENT OPPORTUNITIES

Ignacio Galلn, Chairman of Iberdrola, and Peter Barker-Homek, CEO of TAQA, signed an agreement today in Abu Dhabi, capital of the United Arab Emirates

Iberdrola, S.A., the world’s 4th largest  electricity company, energy sector leader in Spain and world leader in renewable energy, today announced that it has signed a Memorandum of Understanding (MoU) with Abu Dhabi National Energy Company PJSC (TAQA).

The MoU, that was signed today in Abu Dhabi by Ignacio Galلn, Chairman of Iberdrola, and Peter Barker-Homek, CEO of TAQA, is a commitment to explore co-investment and development opportunities in power generation, renewables and upstream assets in the Middle East, North Africa, Europe and North America.

A Joint Development Committee will be created to manage the relationship, consisting of senior representatives of each company.

Ignacio Galلn said that “this memorandum of understanding, that we have signed with a company as prestigious as the Abu Dhabi National Energy Company, is consistent with Iberdrola’s clear strategic focus on international expansion over the past few years. Thanks to this strategy, the Company has become the 4th largest in the world energy sector by market capitalization, the leading Spanish energy company and world leader in wind power.”

For the Iberdrola Chairman, “this new agreement to collaborate in identifying energy investments around the world will benefit both companies, and specifically Iberdrola through the opportunity to grow in new markets such as North Africa and the Middle East with a partner that is already active there, as well as potential to continue building its already significant presence in Europe and North America.”

Commenting on the announcement, Peter Barker-Homek, Chief Executive Officer of TAQA, said: “Both TAQA and Iberdrola share a vision of global growth and diversity.  Today’s announcement is in line with TAQA’s growth strategy to target investment opportunities across the energy value chain in different territories, and with Iberdrola’s successful track record, I believe this will be a very strong partnership.” 

“The regions we have identified as a focus are places where TAQA currently has assets and we have significant potential to build on our presence in these areas.  Furthermore, I have always been vocal about my commitment to take TAQA into renewables, and with Iberdrola’s position as market leader in this area, this agreement will open a number of interesting doors.”