Company Profiles

Iberdrola Renovables

Spain

Iberdrola Renovables is a new renewable energy company with specialties in wind and small hydroelectric power. The company, referred to as "Ibernova," was spun off in December 2007 from the Spanish utility company Iberdrola, which is retaining an 80% stake. Ibernova's sizable portfolio of wind and small hydro facilities makes it the largest renewable power generating company in the world. Ibernova's goals are to increase its installed capacity significantly, with a focus on acquiring wind farms in Spain and the United States. Prior to the spin off, Iberdrola made several acquisitions to strengthen Ibernova's competitive position in the industry, including Community Energy, Midwest Renewable Energy Projects, and Scottish Power's renewable energy division. Ibernova is also diversifying into other renewable energy areas, such as solar and ocean power. The company has committed significant research and development funds to renewables as well as to technologies with environmental advantages, such as low-impact electrical power lines, systems for distributed generation, and active demand management technologies. Portfolio 21 has asked Ibernova to continue the reporting transparency Iberdrola demonstrated in the past, and certify its environmental management systems to the ISO 14001 standard.

To the best of our knowledge the above information is accurate and was obtained from sources we believe to be reliable. Neither the information presented above nor any opinion expressed shall be construed as an offer to sell or a solicitation to buy the security. The views expressed are those of portfolio management as of 9/30/08 and may not reflect current opinions or subsequent events.