The Group enhances its balance sheet strength

• The company has extended the average life of its debt to 5.9 years as a result of recent market operations and a refinancing of the loan raised to acquire ScottishPower

IBERDROLA has increased its liquidity to more than €8 billion, allowing it to meet its financing needs and investments earmarked for the next 20 months.

This has been possible thanks to bond issues in the past three months which have raised more than €3 billion, and to a refinancing of the loan signed in November 2006 to finance part of the acquisition of ScottishPower.

The company has obtained highly competitive terms for the refinancing, which extends the repayment date for €3.8 billion of the loan amount, which currently stands at €5,262 million.

IBERDROLA thereby stretches out the greater part of the repayment until 2012, enhancing its financial strength and lengthening the average life of its debt to 5.9 years.