Iberdrola has signed an agreement for the acquisition of the French renewable energy company Aalto Power, owned by Aiolos and Caisse des Dépôts et Consignations, for €100 million. The company led by Ignacio Galán, which will make a record investment of €10 billion this year, is leading one of the first corporate operations in the European market since the start of the health crisis.
Courtesy of Iberdrola
Founded in 2005 and headquartered in Marseilles, Aalto Power already has 118 MW of onshore wind generation operating in France and has a portfolio of onshore wind projects in the country in different stages of development to add another 636 MW.
The operation is part of Iberdrola's commitment to strengthening its presence and growth in renewable energy in France.
In fact, the purchase of Aalto Power will not only bring Iberdrola its first operating megawatts on French soil, it will also bolster its plans in the area of renewable generation, thanks to the company's projects, its team of professionals and its experience in the development of this type of infrastructure.
In France, Iberdrola is already developing the Saint-Brieuc offshore wind farm, having acquired 100% of the capital last March, which will involve an investment of approximately €2.5 billion.
The 496 MW capacity of this complex, which will begin construction in 2021, will come into operation in 2023, generating enough clean energy to meet the electricity consumption of some 835,000 people.
Located in Brittany, about 16 kilometres from the coast, the Saint-Brieuc wind farm will feature 62 Siemens Gamesa turbines, each with a nominal power of 8 MW, and extend over an area of 75 square kilometres. The turbines will have a total height of 207 metres.
The acquisition of Aalto Power is also intended to bolster Iberdrola's ambitious growth plans in the French electrical energy marketing sector, where it aims to have one million customers by 2023.
In addition, the company does not rule out purchasing other companies in the French renewables sector in the coming months.