Iberdrola has completed the acquisition of the 242MW Ararat wind farm in Victoria, Australia, from Partners Group and OPTrust after obtaining all the necessary approvals for the transaction.
The company said the wind farm (pictured), operational since 2017, becomes Iberdrola’s biggest wind farm in Australia and its first owned generation asset in Victoria.
Iberdrola added that the acquisition expands its presence in Australia to five states: New South Wales, South Australia, Victoria, Queensland and Western Australia.
The project will allow Iberdrola to supply its business customers portfolio with its own generation while selling a significant portion of its output through power purchase agreements, providing predictable cash flows.
Victoria is targeting 95% renewable energy by 2035.
Iberdrola now has more than 2500MW of installed capacity in Australia across onshore wind farms, solar plants and batteries.
The company has also recently entered the country’s grid business with VNI West, an infrastructure project designed to connect the states of Victoria and New South Wales.
The acquisition is aligned with Iberdrola’s strategy of focusing its investments on core businesses such as generation with long-term contracts or regulated networks and on key markets.
The group said the operation also reaffirms its commitment to expanding electrification through renewables, networks and energy storage to achieve self-sufficiency and energy security in the regions where it operates.
The deal is the sixth transaction completed by Iberdrola this year.
Earlier transactions include the sale of its onshore generation business in France, the sale of mini-hydro assets and the slurry business in Spain, the sale of its Hungary operations, and the addition of 650MW of solar power to its joint venture with Norges.