Iberdrola has acquired the remaining 30% of French offshore wind developer Ailes Marines, which is pursuing the 496MW Saint-Brieuc wind farm in the English Channel.
The Spanish energy company, which already held 70%, has bought the outstanding shares from Avel Vor, a grouping made up of RES and Caisse des Depots.
The deal has been approved by the French Ministry of the Economy. The price was not disclosed.
Iberdrola said the transaction will “add momentum” to the project, which is scheduled to begin construction in 2021.
Global offshore wind managing director Jonathan Cole said: “The Saint-Brieuc project is now ready to get started on construction. All agreements are in place, the funding is secured and contracts are signed.
He added: “Our detailed Industrial Plan will also support new factories and highly-skilled clean energy jobs in France. We are hoping that the final legal and administrative matters will be concluded quickly, and then this major €2.4 billion investment in a cleaner energy future will be ready to run full speed.”
Saint-Brieuc is located approximately 16km off the coast of Brittany and will require an overall investment of around €2.4bn.
It will be equipped with 62 Siemens Gamesa wind turbines, each with an 8MW capacity, installed in a 75-square-km area. The turbines will have a total height of 207 metres.