Iberdrola has bought France's Perfect Wind, one of the forerunners of the country's renewables sector, for E52 million in total.
The deal marks a further step in the internationalization of Iberdrola´s renewables business, and comes shortly after similar investment agreements made in China, Greece and the US.
Perfect Wind has a portfolio of 600MW, 10MW of which correspond to a wind farm in the testing phase and 86MW correspond to projects in an advanced stage of development. The Perfect Wind unit will be integrated into Iberdrola´s French renewables unit, based in Rennes, northern France.
The projects acquired from Perfect Wind join the four windfarms which Iberdrola has just put into operation in France, totaling 32MW.
All the French windfarms will be controlled from Iberdrola’s Renewable Energies Operation Center (CORE) in Toledo, a pioneering project created to optimize the technical management of renewable energy facilities and their economic performance.
Initially, Iberdrola has incorporated its operative wind farms in France, Brazil and Portugal into CORE, and it plans on gradually including management of all its foreign facilities there, which now total 308MW. The company had a total of more than 4,000MW of installed capacity in renewable energy at the end of H1 2006.