Iberdrola has paid €100 million ($108 million) for the acquisition of French renewable energy company Aalto Power, which is owned by Aiolos and Caisse des Dépôts et Consignations.
The deal is part of an effort to expand Iberdrola’s presence and renewable energy portfolio in France.
Aalto Power currently has 118 megawatts of onshore wind generation operating in France and has a portfolio of onshore wind projects in the country in different stages of development, accounting for an additional 636 megawatts.
Iberdrola is also developing the 496-megawatt Saint-Brieuc offshore wind farm in France, which has a total investment value of €2.5 billion ($2.7 billion) and is expected to begin construction in 2021.
Iberdrola, which is expected to make a record investment of €10 billion ($10.8 billion) this year, said it will consider purchasing other companies in the French renewables sector in the coming months.
