The onshore wind farms are backed by 10-year power purchase agreements
Iberdrola has entered into an agreement with CEE Equity Partner to acquire three new onshore wind farms in Poland, with a combined capacity of 163MW.
With the acquisition of new wind facilities, the company expands its renewable energy footprint in the country. The onshore wind farms are backed by 10-year power purchase agreements (PPAs).
Among the three, two projects with a joint capacity of 112.5MW, have already started operations, while the third one with 50.4MW capacity, is expected to be operational soon.
The deal follows the company’s recent acquisition of 70% of the developer Sea Wind, which owns a portfolio of seven offshore projects with up to 7,300MW capacity.
The transaction is in line with the company’s growth strategy in Poland, which aims to have 23% of its energy mix from clean energy by 2030, and commission 8GW of offshore wind capacity in the decade.
Also, the new acquisition will boost the company’s renewables Baltic Sea Hub which serves as a centre for offshore and onshore services for its projects in the Germany-Poland-Sweden axis.
The Baltic has an offshore wind development potential of 930GW, of which 280GW would be located in Polish waters.
Iberdrola has strengthened its position in France, the UK, the US and Brazil markets along with the new markets such as Australia, Japan, Sweden, Poland and Ireland.
Its portfolio of onshore wind projects exceeded 160GW at the end of 2020.
Furthermore, the company has launched a €75bn major investment plan for 2020-2025, aimed at doubling its renewable capacity and seizing opportunities.
Recently, the company announced that it will invest €420m to construct two solar farms with a combined capacity of more than 750MW in the Extremadura region in Spain.
The two solar plants to be built by the Spanish electric utility are the 380MW Tagus photovoltaic plant and the 375MW Cedillo photovoltaic plant.