Iberdrola inks prelim deal to buy 98 MW of wind, solar in Poland

Spanish utility group Iberdrola SA (BME:IBE) announced today that it has executed a preliminary agreement to acquire 98 MW of wind and solar projects under construction in Poland.

The selling party is Augusta Energy sp z.o.o., which is a joint venture (JV) between German investment manager KGAL and V-Ridium Power Group, the Polish subsidiary of Portugal’s Greenvolt Energias Renovaveis SA (ELI:GVOLT). Financial details were not disclosed.

The portfolio includes two wind projects totalling 50 MW and six solar farm developments with 48 MW of combined capacity. All projects are backed by a 15-year power purchase agreement (PPA) with Polish telecommunications company T-Mobile Polska that the Augusta Energy JV signed earlier this year.

Iberdrola expects the wind and solar farms to start operations in 2023.

The acquisition will boost Iberdrola’s onshore renewables portfolio to 261 MW in Poland. The Spanish group is currently operating the 30-MW Zopowy and the 82.5-MW Korytnica I wind farms in the country, and is building the 50.5-MW Korytnica II wind power project. It is also involved in offshore wind development in Poland’s Baltic Sea.

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