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

Notes and media contacts

TAQA

UAE
Reem Al Midwahi
+971 2 6914940

Daniela Fleischmann, Capital MS&L
+971 4367 6164

London
Claire Maloney, Capital MS&L
+44 207 307 5341

Iberdrola, S.A.

Madrid
Keith Grant
+34 628 324 932

About Abu Dhabi National Energy Company PJSC (TAQA)

Founded in 2005, TAQA (Abu Dhabi National Energy Company (PJSC)) is a global energy company with a growing asset base that exceeds AED 86 billion ($23.4bn). One of the largest companies listed on the Abu Dhabi Securities Market (ADSM), with 2007 revenues of more than Dhs8bn ($2bn), TAQA is a flagship corporation for the Government of Abu Dhabi.

TAQA's strategic goal is to build and operate a geographically diverse global portfolio of energy businesses across the value chain. It has operations in power generation, water desalination, upstream oil/gas, pipelines, and gas storage.

TAQA employs approximately 2,800 people from 38 different nations and operates from its offices in: Abu Dhabi; Ann Arbor, Michigan; Aberdeen; Amsterdam; Calgary and The Hague. This footprint is further extended through alliances with partners across Africa, the Middle East, Europe, North America and India.

TAQA carries Aa2 and AA- credit ratings from Moody's and S&P respectively.

About Iberdrola, S.A.

Iberdrola is a global, publicly listed company, with a 107-year history of contributing to the development of the energy sector, and of providing quality and security of supply. Following a period of vigorous international expansion starting in 2001, Iberdrola is today the 4th largest electricity company in the world by market capitalization, with operations in around 40 countries and more than 25 million customers.

Over the past seven years, Iberdrola has grown in size by 4.5 times and increased its stock market value to nearly $80.5bn at the end of 2007. This significant growth has gone hand in hand with a large increase in capacity and production. The Company now has an installed capacity of 42,500 MW and a balanced, efficient and diversified generation mix, ensuring the ability to respond to any eventuality.

A firm and pioneering commitment to cleaner generation technology and respect for the environment have confirmed Iberdrola as world leader in wind power. Through its subsidiary, Iberdrola Renovables, it has an operating capacity of 8,200 MW and a project pipeline of more than 43,000 MW, half of which is in the United States.

The Company's Strategic Plan for 2008-10 sets investments of more than $37.2bn to meet ambitious targets, among which are achieving a renewable energy capacity of 13,600 MW, optimizing service quality for customers and achieving a net profit of $5.4bn.

Through its engineering and construction subsidiary, Iberdrola is developing several projects for third parties in the Middle East, among them the construction of the largest combined cycle power plant in the region, the 2,000 MW facility in Messaied (Qatar). It is also building the open cycle plant at Fujairah in the UAE (225 MW) and the 150 MW thermosolar plant at Kuraymat in Egypt, and is involved in other projects under way.