May 7 (Renewables Now) - Spanish utility Iberdrola SA (BME:IBE) has signed an agreement to acquire French wind power company Aalto Power SAS for EUR 100.1 million (USD 108m).
The agreement was signed between Iberdrola Renovables France SAS and Aalto Power’s shareholders, Aiolos SAS and Caisse des Depots et Consignations, the Spanish group announced on Thursday. The transaction also covers the assignment of certain loans that the vendors granted to Aalto Power.
Marseille-based Aalto Power owns and operates 118 MW of onshore wind farms in France and has projects for 636 MW more in different stages of development.
The acquisition, subject to customary conditions, will enable Iberdrola to own its first operating capacity in France. At present, the company is working on the 496-MW Saint-Brieuc offshore wind project in French waters, in which it gained full ownership two months ago.
Iberdrola said it seeks to secure about a million customers in France by 2023 and does not rule out making more purchases in the local renewables space in the coming months.
(EUR 1.0 = USD 1.079)