Iberdrola has closed a transaction to acquire French wind energy company Aalto Power

Iberdrola has closed a transaction to acquire French renewables company Aalto Power for €100m.

Aalto Power has 118MW of onshore wind power already in operation and a project portfolio of 636MW of onshore wind in various stages of development.

The deal, which is subject to the authorisation of the French Ministry of Economy, is part of Iberdrola’s commitment to “strengthen its presence and growth” in France’s renewable energy sector.

The Spanish energy company plans to have one million customers in the French retail energy market by 2023 and said it will continue to look for further growth opportunities in the coming months.

The Aalto acquisition is part of Ibedrola’s plan to make a “record level” of investment of €10bn this year.

Aalto Power was set up in 2005 and is headquartered in Marseille.

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

The 496MW offshore wind project will begin construction in 2021 and will become operational in 2023.