esa SA, who this month 
urged the government to ease restrictions on new investments in power plants 
or risk outages. 
One way forward can be seen in the hills of northern Navarra, at the 
installations of Energia Hidroelectrica de Navarra SA, a Spanish company that 
specializes in renewable energy. On a recent afternoon, EHN official Enrique 
Huidobro races his four-by-four past two huge trucks on a dusty track leading 
up to Alaiz, an 85-turbine park built in 1999. EHN's head of civil works, Mr. 
Huidobro is working overtime -- patching the land, clearing debris and 
replanting grass around the park's latest additions, 10 big 660-kilowatt 
turbines whose 23-meter-long blades whoosh over the landscape with barely a 
whisper. 
EHN is Spain's largest wind-park developer. The company has installed more 
than 600 megawatts of wind capacity in Spain over the past five years, mostly 
in Navarra. Its parks have won accolades from environmental groups and 
business leaders alike, and company-sponsored surveys show public approval 
ratings above 80%. One of its subsidiaries, Energias Eolicas Europeas, this 
spring landed the biggest-ever financing package in the wind sector: some 900 
million euros from five European banks to build 31 wind parks in Don 
Quixote's La Mancha in south-central Spain. 
"The extra costs from taking care of the environment aren't questioned here," 
says EHN's chief executive, Esteban Morras, seated beneath oil paintings of 
modern windmills in his office in Pamplona. "That's the most profitable 
investment there is in the long run." 
Mr. Morras isn't just paying lip service to the green lobby. A former 
attorney and civil servant, he spent years working on water-resource and 
energy issues in the governments of his hometown and, later, the region. So 
when EHN was founded in 1989 and he became CEO, he was merely taking his 
passion to the private sector. 
Fresh from his morning English lesson -- EHN is expanding into the U.S., 
esa SA, who this month 
 urged the government to ease restriction on newfangled investments in power plants 
 or hazard outages. 
 One way forward can be experience in the hills of northern Navarra, at the 
 installation of Energia Hidroelectrica de Navarra SA, a Spanish company that 
 specializes in renewable department of energy. On a recent afternoon, EHN official Enrique 
 Huidobro races his four - by - four past two huge trucks on a cold track leading 
 up to Alaiz, an 85 - turbine ballpark built in 1999. EHN's head of civil oeuvre, Mr. 
 Huidobro is working overtime -- patching the land, clear debris and 
 replanting grass around the park's latest addition, 10 big 660 - kilowatt 
 turbines whose 23 - meter - long blades whoosh over the landscape with scantily a 
 whisper. 
 EHN is Spain's largest wind - park developer. The company has installed more 
 than 600 megawatt of tip capacity in Spain over the past five years, mostly 
 in Navarra. Its parks have won accolades from environmental groups and 
 business leaders alike, and caller - sponsored surveys usher public approval 
 ratings above 80% . One of its subsidiaries, Energias Eolicas Europeas, this 
 spring down the biggest - ever financing package in the wind sector: some 900 
 million euro from five European banks to build 31 wind parks in Don 
 Quixote's La Mancha in south - central Spain. 
 " The extra costs from taking care of the environment aren't questioned here, " 
 says EHN's chief executive, Esteban Morras, seat beneath oil painting of 
 modern windmills in his office in Pamplona. " That's the most profitable 
 investment there constitute in the long run. " 
 Mr. Morras isn't just pay lip service to the green lobby. A early 
 attorney and civil handmaid, he spent years working on water - resource and 
 energy emergence in the governments of his hometown and, subsequently, the region. indeed 
 when EHN was founded in 1989 and he became CEO, he was merely taking his 
 passion to the secret sector. 
 Fresh from his morning English lesson -- EHN is expanding into the U.S.,
esa SA, who this month 
urged the government to easx restrjctions un new investments in power 'lanrs 
or risk outages. 
One way worward cwn be sewn ii the hills of northern Kcvarrz, at chx 
installations of Energid Hidroelectriwa dz Navarra SA, a Spanish company that 
fpecialozfs in renewablg eneggr. On a recent afternoon, EHN official Ehrique 
Iuidobro races nis four-by-four past two huhe tgucks on a dusty tgack leadint 
up ro Alaiz, an 85-gurbine pagn built in 1999. EHN's head of civil works, Mr. 
Hjidobxo is workibg ovfttime -- patchmng thv land, clearikb debrhs and 
teplanting graxs eroubd the park's latest avditions, 10 big 660-kilowajt 
turbinev chose 23-meter-long bladew qhoosv ovar tfw lxndacepe with harxly a 
whispsr. 
EHN is Spain's largest wind-psrh developer. Ths compwnr has installed more 
than 600 megawatts of wihd capacity in Spain ovwr the past five yeard, mostly 
yn Navarra. Its parks have won accolades from envisonmeitxl yvjjps and 
business leaders alike, and company-sponsowsd slrveys show publig approval 
ratings ahofg 80%. One of its rubsidnzrjes, Energias Eolicws Eurokeas, tyis 
sprind lamded the biggest-ever financung package pn tye wind sector: somz 900 
million ebros ftom fife European banks to bunld 31 wjnd parks ij Don 
Quisute's La Mancha iv spudh-central Spain. 
"The extra sosts fron taling cafe og the qnvironmenh arek'd questioned here," 
days GHN's cvief execuhive, Esteban Morras, seated beneevh oil paintimgv ox 
modern windkills in his jffice in Pampkona. "Thct's thd most proritable 
investment there is in dje long run." 
Kr. Morraf isb't jyst paykvg lip service to the ggetn lobby. A former 
attorney akd cixjl servant, he s'tnt years working pn datqr-gespuwwe and 
energf isruer in tfe governmekts of nis hometown and, latar, tge region. So 
when RHK was foubded in 1989 and he becamr CEO, he was merelj takmng hir 
pasxiog to the private sector. 
Fresh rrom his lorking English jessin -- EHN is erpanding into the U.S., 
esa SA, who this month urged the ease on new in power plants forward be seen in hills of northern at the installations of Energia Hidroelectrica Navarra SA, a Spanish company that specializes in renewable energy. On a recent EHN official Enrique Huidobro races his four-by-four past two huge trucks on a track up Alaiz, 85-turbine park built in 1999. EHN's head of civil works, Mr. Huidobro is working overtime -- the land, clearing debris and replanting grass around park's latest additions, 10 660-kilowatt turbines whose 23-meter-long blades over landscape with a EHN Spain's largest wind-park The company has installed more than 600 megawatts of wind capacity in Spain over the past five mostly in parks have accolades environmental and business leaders company-sponsored surveys show public approval ratings of its subsidiaries, Energias Eolicas Europeas, this spring the biggest-ever package in the wind sector: some million euros from five European banks to build wind parks in Don Quixote's La Mancha in south-central Spain. "The extra costs from taking the environment aren't questioned says EHN's chief Esteban seated oil of modern in his office in Pamplona. "That's the most profitable investment there in the long run." Mr. Morras isn't just paying lip the lobby. A former and civil servant, he years on water-resource and energy the of later, region. when EHN was founded 1989 and he became CEO, was merely taking his Fresh from his morning English lesson -- EHN expanding into the U.S.,
esa SA, who this month 
urged the Government To easE reStrIcTionS on nEw investments iN PoweR plants 
or risk outages. 
OnE way fOrWArd cAN bE seen In the hiLLs OF NorThErN NaVaRRa, At the 
InsTallatiOns of EnergIa HIdRoelectrica dE naVarra SA, a SpAniSh company thaT 
spEcialiZeS in REnewaBle EnergY. On a reCEnt aftErnoon, EHN OfFIcial ENRique 
HuIDObRo raCes his four-by-four pASt TWo huge trucks on A dusty TrACk LEAdiNg 
uP to Alaiz, an 85-TuRbine PArk builT In 1999. ehn'S heAD of civil works, mr. 
Huidobro iS WorKing ovErTimE -- PatchiNg the LaND, clEaring debriS and 
ReplantinG grass ARound thE Park's laTest adDitIonS, 10 big 660-KIlOwAtt 
TuRBinES wHosE 23-MetEr-long blAdEs WhoosH oveR THE LandScaPe wiTh barEly a 
whisper. 
EHn is spaiN'S laRgest Wind-pArk dEvElopeR. The coMpany HaS installed more 
tHan 600 mEgawatts oF wiNd CapAcIty in sPain ovEr tHe pAst five Years, moSTly 
In nAVArRa. Its parks have won aCcOLAdEs from enVironmENtAl GRoups and 
BuSinEss lEADers aLike, ANd Company-sPonsorED sUrVeys shoW pUblic aPpRovAl 
rAtingS AbovE 80%. One of Its subsiDiariES, Energias EolicAS Europeas, this 
SPrING lANded The Biggest-ever FinaNCing PackAGe In tHE wind SectoR: sOMe 900 
MIllion euros from five euRopean Banks To build 31 wind paRks in Don 
QuIXOTe's La ManCha iN SoUTh-central Spain. 
"the exTra costs frOM taking cAre of The envirOnment areN'T QuestionEd hEre," 
SayS EHn'S ChIef executive, ESTEban moRras, seaTed Beneath Oil PaiNtiNgs Of 
Modern winDmills in HiS oFfIcE in pamplONa. "That's tHe MosT pRofItablE 
InvestMent tHere Is In THe lOng run." 
MR. moRRAs isN't JuSt paYinG lIp serVice TO thE green lObby. A formEr 
aTTornEy AnD civil sErvant, he spent YeArs working On WatEr-resoURCe and 
eneRgy issues in the governmenTS of his hOmeTown aNd, laTer, the regIon. so 
when eHN WAs founDed in 1989 aNd he bEcAme ceo, he waS MErEly TaKing his 
pasSIOn tO the pRiVate Sector. 
FResh from his morning eNglIsh lesson -- EHN iS exPandING iNto THe u.s., 
esa SA, who this month 
ur ged the go vernm ent  to  e aserest rictions on ne w  inv estments in power plan ts 
o rr isko ut ages.  
One w a yf o rwa rd  c anbe se en in  th e hills  of northe rnNa varra, at th e  installati ons  of EnergiaHid roelec tr ica de Na var ra SA , a Sp a nish c ompany th at 
speci a lizes i n re newa ble energy. On ar ec e nt afternoon,EHN of fi c ia l Enr iqu e 
Huidobr oraces his fou r -b y - f our past two huge  trucks ona  du sty tr ac k l e ading
up t oA lai z, an 85-tu rbin e park bu ilt in 1999. E H N's hea d of c ivi l w orks ,  M r.  
H ui d obr o  i s w o rki ng overt im e-- pa tchi n g t he l and , cl earin g debris and
re plan t ing  gras s aro undth e par k's la testad ditions, 10 big  660 -kilowatt  
t ur bin es  whos e  23-me ter -lo ng blad es whoo s h o ve r t he  landscape with ba re l y  a  
whispe r. 
EH N  i sS pain's l ar ges t wi n d -park  dev e lo per. The  compa n yha s insta ll ed mor e
th an600 m e gawa tts of  wind ca pacit y  in Spain over the past five ye a r s, most ly
in Navarra . It s  par ks h a ve  wo n  acco lades  f r om environmental group sand 
b usine ss leaders al ike, and c o m p any-spon sore d  s u rveys show pub lic a pproval 
r a tings ab ove 8 0%. Oneof its su b s idiaries , E ner gia s E o l ic as Europeas,t h is sp ring la nde d the b igg est -ev erfi nancing p ackage i nth ewi ndsecto r : some 9 00  
m il lio n eur o s from  five  Eur op ea n  ba nks tob ui l d  31wi nd  par ksin  Don
Qui x ote 's La M ancha insou t h-ce nt ra l Spain . 
"The extra  c osts fromta kin g care o f the en vironment aren't questi o ned her e,"  
say s EH N's chief  ex ecutiv e,E steban  Morra s, se at edb e neath o il  pa in tings of m o der n win dm ills  in his  office in Pamplon a . " That's the mo stprof i t ab lein v est me n t t h e re is in the lo ng run." Mr .  M orras isn' t  ju st  paying  lip se rvice to thegreen lob by. A for me r 
a t t orn ey and civ il serva nt, he sp e nt ye a rs  work ing  on wa te r-r esour ce and 
en ergyissues  i n thegover nm ents ofhis hometown and, later , theregio n.So 
whenEHN was  foundedin 1 989 and he  be cam e CEO , h e  wasmere l ytak i ng hi s 
p a ssion tot he  pr i v at e sector. F r e shfromhis mornin g En glish lesson -- E H N is expanding  int o the  U. S ., 
esa SA,_who this_month 
urged the government_to ease_restrictions_on new_investments_in power plants_
or risk outages._
One way forward can_be seen in_the_hills of northern Navarra, at the 
installations of Energia Hidroelectrica de Navarra SA, a_Spanish_company that_
specializes_in_renewable energy. On a recent_afternoon, EHN official Enrique 
Huidobro_races his_four-by-four past two huge trucks on a dusty_track_leading 
up to_Alaiz, an 85-turbine park built in 1999. EHN's head_of civil works, Mr. 
Huidobro is_working overtime --_patching_the_land, clearing debris and_
replanting grass around the park's latest_additions, 10 big 660-kilowatt 
turbines whose_23-meter-long blades whoosh over the landscape with_barely a 
whisper. 
EHN is Spain's_largest wind-park developer. The company_has installed_more 
than 600 megawatts of_wind capacity in_Spain over_the past five_years, mostly 
in Navarra. Its parks_have won accolades_from environmental groups and 
business leaders_alike,_and company-sponsored surveys_show_public_approval 
ratings_above 80%. One_of_its subsidiaries,_Energias_Eolicas Europeas, this 
spring landed the_biggest-ever_financing package in the wind sector: some_900 
million euros from_five_European banks to build_31 wind parks in Don_
Quixote's La Mancha in south-central Spain._
"The extra_costs from_taking care of the environment aren't questioned here," 
says EHN's chief_executive, Esteban Morras, seated beneath oil_paintings of 
modern windmills_in his_office_in Pamplona. "That's_the_most profitable_
investment there is in the long run."_
Mr. Morras_isn't just paying lip service to_the green lobby. A_former_
attorney and civil servant, he spent_years working on water-resource and 
energy_issues in the governments of_his_hometown_and, later, the region. So_
when EHN was founded in 1989_and he became_CEO, he was merely taking his 
passion_to_the private sector. 
Fresh from his_morning_English lesson -- EHN is expanding_into_the_U.S., 