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An economic and business history approach is used to show the rise and relative failure of the Spanish wind industry during the period between 2004-2015, when Spain became the fourth country after China, the US and Germany in installed capacity of renewable energies and, in relative terms, the second country after Denmark. This study is unique in that it provides an integrated vision of the reasons for the relative fall of Spain in the world ranking of wind energy producers. The methodology of the economic analysis of industrial policies makes it possible to explain the fall in the relative importance of Spain in the international panorama of wind farms. There were no reasons related to technological obsolescence or inability of the CECRE managing renewable energies to explain the fall.