MADRID, Dec 22 - Spanish utility Iberdrola (IBE.MC) said on Tuesday that it has renewed a 3 billion euro ($4.29 billion) club credit deal with a syndicate of 15 banks extending the maturity date by two years to 2012.

The agreement with the syndicate, which includes French bank BNP (BNPP.PA) and Spain's second largest bank BBVA (BBVA.MC) also allows Iberdrola to further extend the maturity date to 2013 or 2014.

As a result of this debt restructuring, Iberdrola now has liquidity of 10.5 billion euros, the company said in a statement. (Reporting by Judy MacInnes; editing by Jonathan Gleave)