Iberdrola has finalised the acquisition of renewable energy company Aalto Power, which operates over 100 MW of onshore wind energy capacity in France. The €100 million deal will see Iberdrola take on operations of Aalto’s 118 MW operable wind portfolio as well as a 636 MW development pipeline. The move is part of the Spanish firm’s plan to invest heavily in green energy projects and will give it a stronger presence in France, where it is developing the 496 MW Saint-Brieuc offshore wind farm.
The purchase of Aalto, from owner Aiolos y Caisse des Dépôts et Consignations, is subject to approvals from French regulators. The firm’s operable wind farms include the 10 MW Herbitzheim project, which started operating in late 2017, and the 9 MW Plémy project, commissioned in May 2019. Iberdrola is set to invest a record €10 billion in renewables this year, it said. It has already made five significant transactions in 2020 to consolidate its position in the global renewable energy market.
These deals include an agreement with Svea Vind Offshore for a majority purchase option for 9 GW of offshore wind energy projects in Sweden, and a bid to acquire 100 per cent of Australian renewable energy firm Infigen Energy.