A 50:50 joint venture (JV) formed between CK Hutchison units Cheung Kong Infrastructure and Power Assets will acquire the renewable energy company.

The companies said in a regulatory filing that the acquisition will allow them to expand existing renewable energy platform globally, and is consistent with the group’s strategy of investing in power infrastructure opportunities around the world.

Iberwind, owned by the Spanish-Portuguese venture capital firm Magnum Capital Industrial Partners, was founded in 1998. It develops, operates, and promotes renewable energy projects in Portugal.

Currently, the firm operates 31 wind farms with a total installed capacity of around 684MW, and owns a 15% share in the Portuguese wind power market. Its wind power plants include Candeeiros I, Candeeiros II and Pampilhosa with a total installed capacity of around 225MW.

Only Candeeiros and Pampilhosa wind plants represent more than 32% of Iberwind’s total installed wind capacity.