CITI APPOINTED DEPOSITARY FOR IBERDROLA RENOVABLES' ADR PROGRAM
NY - June 19, 2009 – Citi's Global Transaction Services business, acting through Citibank N.A., today announced that it has been appointed by Iberdrola Renovables, a global leader in the renewable energy sector, as the depositary bank for its American Depositary Receipt (ADR) program. In making this appointment, Iberdrola Renovables has designated Citi as the sponsor of what had previously been an unsponsored ADR program.
Iberdrola Renovables' ADRs trade in the U.S. on the over-the-counter (OTC) market under the symbol IRVDY (CUSIP: 45074F102). The company's ordinary shares are listed on the Spanish Stock Exchanges under the symbol IBR. Each ADR represents five ordinary shares.
Roberto Fernandez Albendea, Investor Relations Manager at Iberdrola Renovables, said, "Iberdrola Renovables is pleased and confident to have selected Citi to manage our ADR program. As the global leader in the renewable energies sector, we look forward to adding value to our existing and potential shareholders, providing greater access to our shares for all investors in the U.S., a key country in the current and future development of our company."Iberdrola Renovables engages in the development, construction and operation of power plants that use renewable energy sources, as well as the sale of the electric energy that they produce. The company's business activity is currently centered on wind energy and on small-hydroelectric power stations, as well as thermal solar energy. In addition, it has started to develop other technologies such as the energy coming from biomass and from tides. Iberdrola Renovables boasts a broad and diverse pipeline in more than 20 countries using five different technologies, which total more than 56,000 megawatt (MW) (includes 10,000 MW corresponding to the contribution made by Gamesa in accordance with the terms and conditions of the strategic alliance between Iberdrola Renovables and Gamesa Energía).
Nancy Lissemore, Global Head of Depositary Receipt Services at Citi, said, "We are delighted to have been appointed by Iberdrola Renovables to act as the depositary bank for their ADR program. The transition from an unsponsored program to a sponsorship facilitates a direct relationship with the issuer, which is especially gratifying when the company is an industry leader with a multi-national franchise."
For more information on Citi's Depositary Receipt Services, visit www.citi.com/dr.
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About Citi Global Transaction Services
Global Transaction Services, a division of Citi's Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organisations around the world. With a network that spans more than 100 countries, Citi's Global Transaction Services supports over 65,000 clients. As of the first quarter of 2009, it held on average $278 billion in liability balances and $10.3 trillion in assets under custody.