Spanish utility Iberdrola has finalized an agreement to purchase a portfolio of wind projects from Gamesa Corporacion Tecnologica for a price believed to be in the region of E850 million.

The power provider, the second largest in Spain and the world’s largest owner of wind turbines, will acquire a number of facilities in various stages of construction and operation over a period stretching from next year to 2009.

According to reports the wind power projects are located both domestically in Spain and in Italy. The International Oil Daily has reported that 600 megawatts of the wind capacity to be acquired will be in Spain, with a further 100 megawatts in Italy.

The purchase is part of the Basque Country-based energy outfit’s current strategic drive to increase its wind energy output to 5,000 megawatts by 2008. Following the purchase Iberdrola will have expanded its wind portfolio to around 3,700 megawatts.