Iberdrola has finalised the acquisition of the French renewable energy company Aalto Power for Euro 100 million. Aalto Power was founded in 2005 and is based in Marseilles. It currently has a portfolio of 118 MW of operational onshore wind projects in France. The company also has 636 MW of onshore wind projects which are under various stages of development in France. The acquisition of Aalto Power is intended to boost Iberdrola’s ambitious growth plans in the French commercial electricity market, where it hopes to serve up to a million customers by 2023.
In France, Iberdrola is already progressing with the development of its 496 MW Saint-Brieuc offshore wind farm which will be set up at an investment of approximately Euro 2.5 billion. The project will begin construction in 2021 and will be commissioned by 2023 and will be able to supply enough clean energy to meet the electricity needs of over 835,000 people.