Iberdrola subsidiary Neoenergia is to acquire a wind power portfolio in Brazil totalling 400MW from PEC Energia.
The projects are located in Serra da Gameleira in the state of Bahia, and cover a total area of approximately 7800 hectares.
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The total value of the acquisition may reach €12.88m, payable upon closing of the operation and depending on the achievement of certain milestones in the development of the wind farms.
Closure of the acquisition is subject the usual conditions for this type of transaction, Iberdrola said.
Neoenergia will also have the option to purchase, together with PEC Energia, other wind projects in the Serra da Gameleira region.