**Overview of Spanish Renewable Energy Companies**

February 2008 U.S.-Spain Renewable Energy Trade & Investment Mission

**[Abengoa]{.underline}**

Trade Mission Participant: Santiago Seage, President of Abengoa Solar 

[www.abengoa.com](http://www.abengoa.com/)

![](media/image1.jpeg){width="1.5625in" height="0.35347222222222224in"}

Company revenue: 2.67 billion euros in 2006, up 32% over 2005.

Bioenergy revenue: 476 million euros in 2006, up 21%.

Share price over the last ten years has increased over 1300%.

Abengoa S.A. is present in over 70 countries where it operates through
its five Business Units: Solar, Bioenergy, Environmental Services,
Information Technology, and Industrial Engineering and Construction. The
Company builds and integrates information systems, builds and operates
conventional and renewable energy generating plants, offers aluminum,
zinc, and salt cake recycling services, builds water and waste treatment
plants, and manufactures ethyl alcohol from vegetable products.

Abengoa is a leader in solar energy, with plans to develop several more
solar electric power plants with hundreds of megawatts in the coming
years. The company has the only existing commercial thermoelectrical
tower in service, and constructed the world's first hybrid technology
plant in Algeria.

Abengoa Bioenergy, a division of Abengoa, is currently the fifth largest
producer of Bioethanol in the United States with 110 million gallons of
installed capacity from three plants in operation. A fourth plant is
under construction and is expected to add another 88 million gallons of
capacity in early 2007. In Europe, Abengoa Bioenergy is the leader in
the production of bioethanol for use as a biofuel, and currently
operates three plants in Spain: Ecocarburantes Españoles, in Cartagena
(Murcia), Bioetanol Galicia in Teixeiro (La Coruña), and Biocarburantes
Castilla y León (Babilafuente), which have a total installed capacity of
150, 176, and 200 million liters annually, respectively. It has also
begun the construction of its fourth plant in Europe, through Abengoa
Bioenergy France, in the Petro- Chemical Complex in Lacq, Pyrénées
Atlantiques (France). Globally, Abengoa Bioenergy has over 1200 million
litres per annum of total installed capacity. 

Finally, in August Abengoa Bioenergía announced the acquisition of
Dedini Agro, one of the largest Brazilian companies in sugar cane
processing and growing.  Dedini Agro produces bioethanol and sugar, and
has two production facilities in the state of Sao Paulo.

In 2007, Abengoa announced they had obtained 76 million dollars from the
US Energy Department (DOE) through an aid programme to design and build
a second generation commercial scale biomass facility, likewise
development of a 36 million euro project under the CENIT Programme with
the Spanish Government enabling advancement in bioethanol production
technology through biomass gasification and catalytical synthesis.

**[Acciona]{.underline}**

Trade Mission Participant -- Frank Geraldín, Director General for
International Affairs

[www.acciona.com](http://www.acciona.com/)

![](media/image2.jpeg){width="1.2916666666666667in"
height="0.6458333333333334in"}

Company revenue: 6.27 billion euros in 2006, up 29% over 2005.

In 2006, Acciona Energy contributed 38% of Acciona's operating profit.

Acciona is a diversified Spanish company with activities in over thirty
countries in five continents. Its lines of business include the
development and management of infrastructures, renewable energy sources,
hydro plants, urban and environmental services, logistics and transport,
housing projects and hospital management, among others. It has a
workforce of over 38,000 worldwide and is quoted on the selective
IBEX-35 (ANA.MC) index in Spain with a market capitalization of around
14 billion euros.

Acciona Energy, a division of Acciona, is a world leader in renewables
with a strong presence in eight sectors. It is the first developer of
windparks in the world with over 5,000 MW installed in ten countries. It
manufactures wind turbines using in-house technology in plants in Spain
(2), China and the United States. It has built the biggest solar thermal
electric power facility (64 MW) in the world in the last 16 years in the
Nevada desert, has installed 38 MW of photovoltaic and 28 MW of thermal
solar power in Spain and owns three biomass plants (33 MW) and 19 small
hydro power stations (59 MW). In the field of biofuels, the company
produces biodiesel from vegetable oil and bioethanol from wine-surplus
alcohol.

**[ATERSA (Elecnor)]{.underline}**

Trade Mission Participant - Javier Esquivias, Director General for
Business Development (Note: Elecnor owns ATERSA)

[www.atersa.com](http://www.atersa.com/)

![](media/image3.png){width="1.375in" height="0.40555555555555556in"}

ATERSA, a subsidiary of the Elecnor Group, is a leading company in Spain
in the photovoltaic solar sector. ATERSA develops, manufactures and
markets solar modules as well as all the electronic equipment necessary
for any photovoltaic solar energy installation. Production centres are
located in Catarroja, Valencia

ATERSA was founded in 1979 in order to concentrate its operations on
Photovoltaic Solar Energy. ATERSA specializes in the following areas:

-   Design and production of solar modules, cells and electronic
    equipment for photovoltaic applications.  

-   Turn-key installations.    

-   Marketing.   

-   Distribution. 

-   Photovoltaic systems engineering. 

-   State-of-the-art machinery for production of photovoltaic modules.

The company has the capacity to manufacture the complete range of
equipment that is necessary for any configuration of a solar power
electricity system: from modules with mono-and multi-crystalline silicon
cells right through to the specific electronics for this type of
application.

**[Endesa]{.underline}**

Trade Mission Participant: Concepción Cánovas del Castillo, Deputy
Director for Business Development, Renewable Energy Directorate

[[www.endesa.com]{.underline}](http://www.endesa.com/)

![](media/image4.png){width="1.5104166666666667in"
height="1.3958333333333333in"}

ENDESA is one of the largest electrical companies in the world and in
Spain, holding a strong position in the Latin American markets and in
Mediterranean Europe, as well as in other energy sectors such as gas,
cogeneration and renewable energies.  ENDESA owns electric utility
operations in Chile, Argentina, Colombia and Peru and in Brazil. It is a
leading operator on the European side of the Mediterranean, especially
in Italy, and is also active in other European countries.  ENDESA is
also present in other business areas, mainly telecommunications and
power line communications (PLC). In 2004 the total sales of electricity
by companies controlled by ENDESA reached 180,814 GWh, delivered to
about 20.9 million customers, with a install capacity of 41,836 MW and a
production of 177,534 GWh, an increase of 12,2% over 2003. 

ENDESA is present in the renewable energy and cogeneration sector in
Spain through ENDESA Cogeneración y Renovables (ECYR) which has an
important presence in the sector with a market share of 20%.  ENDESA´s
corresponding production in 2004 were 2,838 MW, of which 2,011 MW came
from renewables plants and the rest from cogeneration plants. At year
end, ENDESA was participating in Spain in Special Regime plants with a
total power of 2,025 MW, of which 1,124 MW correspond to renewable
energy sources.  It is also participating in cogeneration plants outside
Spain, in Portugal, Colombia and Mexico, with a total installed capacity
of 107 MW. ENDESA will destine Euros 1,900 million until 2009 to achieve
a total install capacity in renewable energies of 4,100 MW, which will
represent a 12% over the total power of ENDESA. This will contribute to
diversify its generation mix and to fulfill our purpose to ensure the
protection of the environment. 

During 2005-2009, ENDESA will build 2,224 MW of wind energy, 778 MW of
minihydraulic plants, 103 MW of use of waste plants and biomass and 20
MW of cogeneration power.  At the end of 2004, ENDESA participated in
operational wind farms delivering 1,124 MW with a further 250 MW under
construction, which signifies a share of 20% in the Spanish wind power
market.  ENDESA has continued to work promoting new plants, and has
obtained official authorizations to build new facilities in Andalusia,
Galicia, Aragon, Castilla-Leon and Castilla-La Mancha.

In the sector of hydroelectric mini-power stations, at the close of
2004, ENDESA participated in 39 operational plants delivering a total
power of 210 MW.  ENDESA participates in seven biomass power stations
with a combined installed capacity of 61 MW.  Also, ENDESA participates
in three biogas power plants, one in Cadiz and two in Barcelona. ENDESA
has a consolidated position in the natural gas market in Spain and
Portugal.  Gas sales amounted to Euro 325 million in 2004, an increase
of 84.7% compared to the same period of year before. In energy terms,
sales from companies in which ENDESA has a majority stake amount to
15,826 GWh, an increase of 46.6% over the same period of 2003.

In 2007, ENDESA was acquired by a consortium that includes the Italian
company Enel and the Spanish company Acciona. 

**[Gamesa]{.underline}**

Trade Mission Participant -- Julius Steiner, CEO, Gamesa USA

[www.gamesa.es](http://www.gamesa.es/)

![](media/image5.png){width="1.051388888888889in"
height="0.6041666666666666in"}

Company revenue: 2.4 billion euros in 2006, up 38% over 2005. Market
capitalization of over 7 billion euros.

Gamesa is one of the biggest manufacturers and suppliers of
technologically advanced products, installations and services in the
technology for energy sustainability sector. Gamesa generates electric
energy of renewable origin, essentially based on the promotion and
running of wind farms, the manufacture of wind turbines and the
providing of advanced services to the technology for energy
sustainability sector.

**Gamesa Energy** USA is engaged in an intense and systematic
prospection and ´micro-sitting´ activity and in negotiating land that
would allow us to install as much as 1500 MW by 2010. **Gamesa Energy**
USA, through its affiliates has already secured PPAs for 160 MW and is
in the process of securing more power with several utilities. **Gamesa**
is involved with projects in Pennsylvania, Illinois, Texas, California,
West Virginia and Iowa. Advanced technology in the realm of
micro-sitting and refined negotiating competencies have secured land for
the development of wind energy projects well into the future.

Gamesa Energy USA, with headquarters in Philadelphia (PA), is engaged in
an intense and systematic prospection and ´micro-sitting´ activity and
in negotiating land that would allow us to install as much as 1000 MW by
2010. Gamesa Energy USA, through its three offices: Navitas
(Minneapolis, MN), Gamesa Energy Southwest (Austin, TX) and Gamesa
Atlantic (Philadelphia, PA), has already secured PPAs for 150 MW and is
in process of securing more power with other utilities. Gamesa Energy
USA has finished the development of several Wind Farms located in the
states of Illinois, Pennsylvania and Texas as well as is working on wind
energy development in eighteen States.

**Gamesa Eólica** is the world's second largest wind turbine
manufacturer. Gamesa in the US, based in Philadelphia Pennsylvania, is
engaged with the manufacturing, sale, installation and operation and
maintenance of Gamesa wind turbines in both the USA and Canada. Gamesa
provides a wide product range of wind turbines with a rated power of 850
Kw (G52, G58) to 2.0 MW (G80,G87,G90). These products and related
services, coupled with our low-voltage ride through technology, provide
maximum performance on a variety of sites and wind classes.

To meet the growing demands of the North American market, Gamesa has
installed facilities for the manufacture of blades, towers and nacelle
assembly. These manufacturing plants will allow an annual production
capacity of 800 MW. By the close of 2007 Gamesa will have installed an
accumulated capacity of 1000 MW across the United States.

Gamesa entered the solar energy sector through the creation of Gamesa
Solar, a company which performs the required infrastructure to take on
any national or international solar photovoltaic and thermal project.
Gamesa Solar has a photovoltaic panel manufacturing plant in Sevilla
(Spain), with an annual production capacity of 6 MWp.

**[Iberdrola]{.underline}**

Trade Mission Participant - Xavier Viteri, President (Note: Iberdrola
Renovables was spun off from Iberdrola in December 2007, though the
parent company still owns 80% of the shares.  The new company\'s market
capitalization is over \$30 billion.)

[www.iberdrola.es](http://www.iberdrola.es/)

![](media/image6.png){width="1.3333333333333333in"
height="0.6041666666666666in"}

Company revenue: 11 billion euros in 2006.

Since 2004, the company's shares have nearly doubled in price.

Iberdrola is the world's fourth largest electricity company and the
world's single largest wind power generator. With a market
capitalization of nearly 55 billion euros, Iberdrola has a presence in
30 countries, a global customer base of 27 million, and 41,000 megawatts
(MW) of installed capacity, including 7,300 MW of wind power. Iberdrola
also holds a 24% equity stake in Gamesa (see below).

Iberdrola spun off its renewable energy unit, Iberdrola Renovables, in a
December 13, 2007 IPO on the Madrid stock exchange. The unit is now
valued at 22.4 billion euros. Parent company Iberdrola sold just over
18% of the company, receiving nearly 6 billion dollars. Iberdrola will
use the proceeds to fund its recently announced plan to invest over 12
billion dollars in renewable energy between 2008-2010. Of this planned
investment in renewable energy during the period, 4.6 billion euros is
planned for the U.S. Iberdrola also plans renewable investments in
Spain, the U.K., Mexico, Brazil and elsewhere. The investments will
expand the company's installed renewables capacity from 7,700 megawatts
in 2007 to 13,600 MW by the end of 2010.

This amount does not include the 6.4 billion euros Iberdrola has
budgeted to close its acquisition of Energy East, a regulated electric
utility based in Maine with operations in several northeastern states.
The company's 17.1 billion euro acquisition in 2007 of ScottishPower,
including its U.S. subsidiary PPM Energy, significantly expanded its
installed capacity of wind generation, gas storage, gas-fired generation
and energy management in the U.S. In September, 2007, the company
announced plans for a 290 million dollar acquisition of a 506 MW
cogeneration facility in Oregon.

**[ISOFOTON]{.underline}**

Trade Mission Participant -- Ernesto Macias, Director General for
Institutional Relations

[www.isofoton.com](http://www.isofoton.com/)

![](media/image7.png){width="1.7486111111111111in"
height="0.5513888888888889in"}

Company revenue of 300 million euros in 2007, nearly doubled since 2005.

Isofoton is a solar technology manufacturer based in Malaga, Spain, and
established in 1981. It is the largest manufacturer of photovoltaic
cells in Europe, and recently entered the American market. The company
was originally part of the Institute for Solar Research which was
founded by Antonio Luque, a researcher at the Polytechnic University of
Madrid in 1975. In the 1990s, Isofoton supplied 15% of Germany\'s solar
power demand, and was the world\'s seventh largest provider of solar
cells. Almost one quarter of their sales are to supply solar cells used
in rural electrification to several countries in the developing world,
including Morocco, Algeria, Indonesia and South Africa, as well as
several South American countries.

The company opened a new factory in Malaga, Spain in 2006, and has
recently begun constructing a silicon refining plant in Cadiz, Spain
which will open in 2008. The company currently has production capacity
of 130 MW photovoltaic, and 140 MW thermal.

**[ISOLUX CORSáN]{.underline}**

Trade Mission Participant -- Juan Lasó, Counselor Delegate (CEO) of
T-Solar

[[www.isoluxcorsan.com]{.underline}](http://www.isoluxcorsan.com/)

![](media/image8.wmf){width="1.823611111111111in"
height="0.6868055555555556in"}

Isolux Corsán is one of the largest Spanish companies in the sectors of
engineering, construction, concessions, services and real estate. The
company was created in November 2004 as a result of the acquisition by
Isolux Wat, S.A. of Grupo Corsán-Corviam.  Isolux Corsán is now the
largest privately held Spanish company in the sector. With a workforce
of 7,000 employees, at the close of 2006 the Company had a turnover of
1,942 million Euros and a business portfolio of over 6,495 million
Euros. Together with its presence in Spain, the Company also has
significant operations in more than 25 countries.

2006 stands out for the Group's commitment to enter the renewable
energies market through the companies Infinita Renovables, which
manufactures biodiesel, and T-Solar Global. Isolux Corsán provides a
service for technologies that develop new clean fuels using raw
materials of vegetable origin which help to reduce CO2 emissions and
slow down the greenhouse effect. Isolux Corsán plans and develops plants
for the production of new ecologically viable fuels, in accordance with
the Kyoto Protocol. For this purpose, it provides a service, in both the
national and international markets, for the needs of new industrial
promoters in the construction of new plants for processing
vegetable-based biofuels. The Biofuels Area constructs and operates
turnkey plants for the manufacture of the following fuels:

> • Biodiesel plants (fuels used in diesel engines) based on vegetable
> oils and grain.
>
> • Bioethanol plants (fuel used in petrol engines) based on grain,
> cellulose waste or organic material with high carbohydrate levels.
>
> • Fisher Troop fuel plants (fuel based on the synthesis of new
> alcohols for automobiles), using modern gasification processes on
> fluidised beds new alcohols are manufactured for automobiles,
> biodiesel or intermediate chemically synthesised products.

**[T-Solar Global, S.A. (subsidiary of Isolux Corsán)]{.underline}**

T-Solar is a company focusing on the production and marketing of
photovoltaic solar energy, based on advanced technology using amorphous
silicon.  This pioneering initiative in Europe is based on the
generation of solar energy by means of thin film panels, a product that
offers advantages in terms of cost, power, reliability and aesthetics. 
To finance this initiative, the project development group, in which
Isolux Corsán holds a 50% stake, has obtained the collaboration of local
government and other institutional investors.  The project represents an
initial investment of 75 million Euros for establishing the production
plant in the town of Ourense, Galicia.  The construction process will
take 18 months and the plant is expected to commence operations in May
2008.  Continuous growth in turnover from the marketing of solar panels
is forecast until 2017.  Once fully operative, T-Solar is expected to
have a turnover of around 170 million Euros and to employ around 200
people.

The T-Solar solar panel production factory will be located on a plot of
29,000 m² at the San Cibrao das Viñas Technology Park, in the town of
Ourense. This location offers the appropriate environmental features for
the industry using electronic technology. It also has suitable
communication links and infrastructure services. The production plant
also enjoys the support of an experimental centre in renewable energies
at the Technology Park in Galicia.  It is forecast that the T-Solar
project production factory will provide around 700,000 m² of
photovoltaic solar panels, which represents an initial nominal capacity
of over 40 MWp/year.

**[Solaria Energía]{.underline}**

Trade Mission Participant -- To be confirmed

[www.solariaenergia.com](http://www.solariaenergia.com/)

![](media/image9.jpeg){width="0.75in" height="0.4798611111111111in"}

Company revenue: 45.2 million euros for six months ended 6/30/07, up
7-fold from the same period last year.

The company\'s shares have doubled in value since going public in June
2007.

Solaria Energia y Medio Ambiente SA is a Spain-based company involved in
the renewable energy sector. It operates through three business areas:
photovoltaic panels, turnkey installations and thermal solar panels. In
the photovoltaic panels area, the Company is engaged in the production
and sale of photovoltaic solar panels, including Series 5M, Series 6M
and Series 6P. In the turnkey installations area, it provides turnkey
projects, such as design and engineering of the projects, handling all
of the licenses and applications, control of the execution of the
installation works and maintenance, among others. In the thermal solar
panels area, the Company is involved in the manufacturing of solar
panels. It is headquartered in Madrid, Spain.

For the six months ended 30 June 2007, Solaria Energia y Medio Ambiente
SA\'s total revenue increased from EUR5.9M to EUR45.2M. Net income for
the period increased from EUR1.7M to EUR8.4M. Total revenue reflects a
significant increase in sales in the Photovoltaic business segment in
the domestic Spanish market.

**[Union Fenosa]{.underline}**

Trade Mission Participant - José Antonio Garciá Merino, Director
General for Renewable Energy

[www.unionfenosa.es](http://www.unionfenosa.es/)

![](media/image10.png){width="1.2506944444444446in"
height="0.48819444444444443in"}

UNION FENOSA is an integrated energy company that operates in 13
countries. It is involved in producing primary energy and in generating,
distributing and supplying natural gas and electricity. It has 13,900 MW
of installed capacity worldwide (10,289 MW directly attributable). It
provides services to 8.7 million gas and electricity customers, selling
81,386 million kWh per year. Union Fenosa Internacional is responsible
for the Company\'s international investments in the generation and
distribution of electricity and gas in Mexico, the Dominican Republic,
Moldova, Nicaragua, Costa Rica, Colombia and Panama. The Company\'s
other businesses include the exploration, production and refining of
crude oil; the transport and sale of petroleum derivatives; the
preparation of chemical products; the operation of a coal mine, and the
non-electricity-related real estate business.

The company is currently engaged in an expansion plan for 2007-2011 with
a goal of attaining 1.2 billion euro in net profit. In 2006, UNION
FENOSA generated 6.057 billion euro in revenues and 635 million euro in
net attributable profit, with recurring income 38.0% higher than in
2005.

The company's main shareholder, ACS (40.5%), recently announced its
decision to increase its shareholdings to nearly 45%. In its new
organisation structure, ACS views UNION FENOSA as the head of its energy
division, an area to which the construction and services company is
devoting a large proportion of its investments in growth.

UNION FENOSA\'s market capitalisation is currently 11.4 billion euros,
19.3% more than at 2005 year-end. In the last five years, UNION
FENOSA\'s share price has tripled.