UPDATE 1-Iberdrola Renovables bids for rest of Greece's Rokas

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MADRID, July 1 (Reuters) - Spanish renewable power firm Iberdrola Renovables (IBR.MC) said on Tuesday it had made a 175 million euro ($276 million) bid to buy the rest of Greek subsidiary C. Rokas ARCr.AT it does not already own.

Renovables, which holds 52.7 percent of Rokas' ordinary shares, said the offer was 16 euros for each ordinary Rokas share and 11 euros for its preferred stock -- a 16.7 percent premium on the shares' average price over the previous month.

Heavily reliant on fossil fuels, Greece wants renewable energy to cover as much as 20 percent of its overall energy consumption by 2010, with wind parks earmarked for the lion's share of green power.

Renovables said in a presentation to the Spanish stock market that Greece was one of its key markets and the deal increased its leadership of the market.

Rokas owns 30 percent of Greece's total installed capacity, but only 3.6 percent of the country's electricity currently comes from wind, according to Rokas' website.

Renovables, which first bought a stake in Greece's first private wind farm company in 2004, said the deal would have increased its share of Rokas 2007 net profit to 13 million euros from 7 million beforehand. The Greek firm had sales of 44.7 million euros last year, down 11 percent from the previous year.

Renovables -- 80 percent owned by Spain's biggest power firm Iberdrola (IBE.MC) -- said it hoped to complete the deal in September or October.

Greek environmental groups are currently urging the government not to grant licences to Endesa Hellas, a joint venture between Spain's Endesa (ELE.MC) and Greece's Mytilineos (MYTr.AT), to build wind power parks on two Aegean islands, claiming they would damage the environment and affect income from tourism.

Credit Suisse advised Renovables on the deal. (Reporting by Ben Harding; Editing by Tim Dobbyn)