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Iberdrola closes deal on Aalto Power

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Energy Global,

Iberdrola has closed a deal to acquire the French renewable energy company Aalto Power, owned by Aiolos and Caisse des Dépôts et Consignations, for €100 million.

Founded in 2005 and headquartered in Marseille, Aalto Power already has 118 MW of onshore wind power operating in France and has a portfolio of onshore wind projects totalling another 636 MW, which are in various stages of development.

The transaction, which is subject to compliance with the usual conditions in place for this type of transaction, mainly the authorisation of the French Ministry of Economy, is part of Iberdrola's commitment to strengthen its presence and growth in the renewable energy sector in France, and enhances the company´s global renewable energy footprint.

Iberdrola is already developing the Saint-Brieuc offshore wind farm in France, acquiring 100% of the project in March 2020, which will see a total investment of approximately €2.5 billion.

The 496 MW offshore wind project will begin construction in 2021, come into operation in 2023, and will generate enough clean energy for the electricity demands of approximately 835 000 people.

Located in Brittany, 16 km from the coast, the Saint-Brieuc park will have 62 Siemens Gamesa turbines, with a unit capacity of 8 MW, which will cover an area of 75 square kilometres. The wind turbines will have a total height of 207 m.

The acquisition of Aalto Power also aims to reinforce Iberdrola's growth plans in the French electricity retail sector, where it aims to have one million customers by 2023.

Iberdrola will continue to look for further growth opportunities in the French renewable energy sector in the coming months.

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