Iberdrola has launched a friendly takeover to acquire 100% of the Australian renewables company Infigen Energy, for AU$840 million or roughly €510 million.
By acquiring Infigen’s seven wind farms, with a combined capacity of 670MW, and a wind and solar project portfolio of 1GW at various stages of development, the purchase makes the Spanish company the largest renewables owner-investor in South Australia in terms of installed capacity.
Iberdrola is also taking over a further 560MW in operation through proprietary, leased and capital-lite assets, which includes the power obtained from four PPAs (245MW) and storage batteries (75MW).
The acquisition will see Iberdrola further its ambitions in the Australian market, a priority for the Group since announcing plans to launch there earlier this year.
The company is already developing the hybrid renewable project at Port Augusta located in South Australia, with a 210MW wind farm and a 110MW solar power plant.
Requiring an estimated investment of €310 million, work on this complex will begin at the end of this year to have it up and running sometime in 2021. Thanks to the Infigen takeover, the energy produced at this complex will be sold to Australian industrial clients.
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