Press Releases
Iberdrola Renovables select BBVA, Credit Suisse, JP Morgan, Merrill Lynch & Morgan Stanley
6 August 2007
Company could be listed in Final Quarter
IBERDROLA RENOVABLES CHOOSES BBVA, CREDIT SUISSE, JP MORGAN, MERRILL LYNCH AND MORGAN STANLEY TO COORDINATE ITS MARKET LISTING
• Company to make a capital increase which will then be allocated through an Initial Public Offering (IPO)
• IBERDROLA, world leader in wind energy, has an installed capacity of 6,826 MW and a pipeline with another 40,152 MW
IBERDROLA Renovables has selected BBVA, Credit Suisse, JP Morgan, Merrill Lynch and Morgan Stanley as global coordinators of its market listing, planned for the last quarter of 2007, by means of an Initial Public Offering (IPO).
The listing of IBERDROLA Renovables, which would be one of the largest operations of its kind ever carried out in Spain, will be made trough a capital increase which will then be presumably allocated trough an IPO, involving an initial international institutional tranche, a Spanish institutional tranche and a retail tranche.
IBERDROLA’s renewables unit has engaged Albiñana & Suárez de Lezo and Uría Menéndez to provide legal advice on the operation in Spain, Latham & Watkins to supply legal advice in the Unites States, and Linklaters to provide legal advice in the United Kingdom.
The planned listing, announced last May, is intended to cristalise the value of this type of energies, taking advantage of excellent market conditions, and raising the funds needed to finance the company’s growth without affecting the financial strength of the IBERDROLA Group.
Within the framework of this process, IBERDROLA Renovables has just launched its new brand with the aim of stressing its commitment to environmental protection and sustainable development. Based on the IBERDROLA Group brand, it uses the descriptor Renovables for Spain and Latin America and Renewable Energy for the rest of the world.
IBERDROLA is the world’s leading producer of electricity from wind energy, and at the end of June it could boast a worldwide capacity of 6,826 MW. A pipeline of new wind projects totalling an additional capacity of 40,152 MW. Of this total, 51% is located in the United States, 16% in Spain, and 15% in the United Kingdom.
Thanks to the commissioning of new wind capacity amounting to 287 MW in the first two quarters (169 MW in the second quarter), and to the takeover of ScottishPower, which added 2,105 MW (1,741 MW in the U.S. and 364 MW in the U.K.), the IBERDROLA group now has 6,484 MW in wind farms and 342 MW from mini-hydro plants.
IBERDROLA’s renewable generation capacity in Spain, located in 13 regions, was increased by 220 MW in the six months, the product of new wind farms and mini-hydro plants and expansion of existing facilities: 73 MW in Castilla-Leon, 106 MW in Andalusia, 29 MW in Murcia, 9 MW in Castilla-La Mancha, and 3 MW in La Rioja.
Outside Spain, IBERDROLA has total capacity of 2,612 MW, comprising the U.S. (1,767 MW), UK (364 MW), Greece (210 MW), France (61 MW), Germany (60 MW), Poland (51 MW), Portugal (50 MW), and Brazil (49 MW).
IMPORTANT INFORMATION
The Folleto Informativo of the IPO of Iberdrola Renovables, S.A.U. is in the process of being approved by the Comisión Nacional del Mercado de Valores (CNMV). Once it is authorised, it will be made available through Iberdrola Renovables, S.A.U.’s and the CNMV’s web sites, as well as in the registered address of Iberdrola Renovables, S.A.U., the Stock Exchanges, the banks acting as underwriters and the Agent Bank.
This announcement is not an offer for sale of securities in the United States, United Kingdom, Canada, Japan or Australia or in any other jurisdiction in which offers or sales would be prohibited by any applicable law. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended. Iberdrola Renovables, S.A.U. does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this announcement are not being made and may not be distributed or sent into the United States.
In the United Kingdom, this announcement, in so far as it constitutes an invitation or inducement to participate in an offer for sale of securities, is directed exclusively at (a) persons who have professional experience in matters relating to investments who fall within article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Order”) or (b) are persons falling within article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc) of the Order or (c) other persons to whom it may be directed without contravention of section 21 of Financial Services and Markets Act 2000 (all such persons together being referred to as “relevant persons”).
FORWARD-LOOKING STATEMENTS
This communication contains forward-looking information and statements about Iberdrola Renovables, S.A.U. and otherwise, including financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, capital expenditures, synergies, products and services, and statements regarding future performance. Forward-looking statements are statements that are not historical facts and are generally identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates” and similar expressions.
Although Iberdrola Renovables, S.A.U. believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Iberdrola Renovables, S.A.U. shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Iberdrola Renovables, S.A.U., that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements.
Forward-looking statements are not guarantees of future performance. They have not been reviewed by the auditors of Iberdrola Renovables, S.A.U. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date they were made. All subsequent oral or written forward-looking statements attributable to Iberdrola Renovables, S.A.U. or any of its members, directors, officers, employees or any persons acting on its behalf are expressly qualified in their entirety by the cautionary statement above. All forward-looking statements included herein are based on information available to Iberdrola Renovables, S.A.U. on the date hereof. Except as required by applicable law, Iberdrola Renovables, S.A.U. does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
