As of today, Eolia Renovables is one of the leading independent European generators of power from renewable sources, building a meaningful presence in Spain, Germany, France, Poland and Canada. To In order to achieve this goal, Eolia Renovables has consistently pursued a strategy of positioning itself as the independent financial partner of mid-sized renewable energy developers (between 50 MW and 300 MW) in markets which combine growth potential and an attractive renewable energy regulatory environment.

Against this backdrop, it is worth highlighting that in 2008 Eolia Renovables successfully completed the acquisition of pan-European renewable energy group, renergys, thereby adding a highly complementary asset portfolio from the geographic standpoint and giving the company a foothold in three European Union markets (Germany, France and Poland).

In 2009 Eolia Renovables registered 623 MW (attributable capacity) in Spain’s Pre-assignment Pre-assigned registry, of which 399 414 MW were under development (95% of the wind energy pipeline in Spain). This success ranked it Eolia Renovables fourth in terms of capacity pre-allocated under the government scheme.

The outcome of the Spanish government’s pre-allocation process highlights Eolia Renovable’s development effort in recent years and gives great visibility to its Spanish wind energy projects.

In the coming years, Eolia Renovables plans to focus strategically on the following initiatives:

• Building and commissioning the pipeline of wind power projects under development. In 2009, Eolia Renovables started up three new wind farms (99 MW), ranking sixth in terms of wind capacity additions in Spain.

• Geographic diversification of the investment portfolio by growing in markets with attractive renewable regulatory frameworks, prioritizing European Union markets where the company has already facilities in operation. In 2009, Eolia Renovables commissioned its first French wind farm, with a capacity of 12 MW and in the first quarter of 2010 it started up its first Polish facility (6 MW).

In the coming years, capitalising on the operational know-how built up to date, Eolia Renovables plans to analyse investment opportunities at an earlier stage of development in order to ensure the company’s growth and to maintain a balanced portfolio.

Investment in this class type of projects will enable the company to integrate vertically backwards and to enhance profit margins as the sector matures and current incentive schemes are reduced.

In addition, Eolia Renovables will look out for additional growth and consolidation opportunities in other emerging markets in the renewable energy field, so long as regulatory risk is reduced.

Along this line of initiative, it is worth highlighting that Eolia Renovables, in partnership with a local developer, submitted its application to the wind energy tender run by the Ontario Power Authority on December 2009 and has been awarded a contract to develop a 30 MW (attributable capacity: 15 MW).