Iberdrola has agreed to acquire 100% of the 242MW Ararat wind farm in Victoria from Partners Group and OPTrust.
The project has been operational since 2017 and sells most of its output through power purchase agreements with large customers, Iberdrola said.
The company added that the acquisition strengthens its ability to supply business customers in Victoria and will benefit from expected price increases driven by growing renewable demand.
Ararat is also set to gain from upcoming transmission projects including the Western Renewable Link and Project Energy Connect.
The deal reaffirms Iberdrola’s commitment to expanding renewable energy in Australia, although the acquisition remains subject to customary conditions.
This announcement follows Iberdrola’s acquisition of Tungkillo BESS and its appointment as development partner to VicGrid for the Victorian section of VNI West.
The company said the transaction aligns with its 2025-28 plan, which includes more than €1bn of investment in Australia.