Endesa acquires 290 MW in wind power from Sacyr Vallehermoso in Portugal

MADRID, Spain, May 12, 2005 — ENDESA has signed an agreement with Sacyr Vallehermoso for the acquisition of 100% of the share capital of Portuguese company Finerge Gestao de Proyectos Energeticos, S.A. (FINERGE), umbrella company of a holding which operates wind farms and co-generation plants in Portugal. The deal hinges on the pertinent authorisation from the Portuguese anti-trust authorities.

The company, which has 43 subsidiaries, owns projects already in operation whose installed capacity is 60 MW and projects under construction or in the pipeline with a capacity of 260 MW.

The operation is valued at Euro 166.12 million, of which Euro 149 million correspond to the acquisition price and the remaining Euro 17.05 million to the amount of loans granted to the company by its current shareholders.

This agreement falls within the framework of ENDESA’s Strategic Plan, which envisages an increase in installed capacity of renewables amounting to 2,400 MW in Spain and Portugal in 2005-2009. In this regard, the deal is a chance for ENDESA to move closer to its objectives.

Furthermore, the Portuguese framework in terms of special regime remuneration, recently approved, guarantees the return on wind farms, which are ensured network connection points. This is the case for all FINERGE plants, for 15 years as from entry into service.

ENDESA’s cogeneration and renewable energy plants have a total installed capacity of 2,148 MW. Of this, 1,672 MW correspond to renewable energy plants located in Spain, 476 MW to cogeneration and waste treatment plants in Spain and 107 MW to cogeneration plants in Portugal, Colombia and Mexico.

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