MADRID, Sept 25, 2007 (AFP) - Iberdrola, Europe's third largest utility, said Tuesday that its construction unit has been awarded a contract worth 311 million euros (438.5 million US dollars) to build a 403-megawatt combined cycle electrical power plant in Russia.

'It is the company's first big contract in this country, where it opened a commercial office in 2005,' Iberdrola said in a statement.