- Reinforces Iberdrola’s presence in the French generation market, where the company is developing the Saint-Brieuc offshore wind farm (496 MW)
- Aalto Power has 118 MW of onshore wind power already in operation and a project portfolio of 636 MW in various stages of development
- Iberdrola plans to make record investments of 10 billion euros this year, and the company aims to gain one million customers in the French retail market by 2023
Madrid, 7 May 2020 – 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 euros.
Founded in 2005 and headquartered in Marseille, Aalto Power already has 118 megawatts (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, which will see a total investment of approximately 2.5 billion euros.
The 496 MW offshore wind project will begin construction in 2021, come into operation in 2023, and will generate enough clean energy to satisfy the electricity demands of some 835,000 people.
Located in Brittany, 16 kilometres 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 metres.
The acquisition of Aalto Power also aims to reinforce Iberdrola’s ambitious 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.
