Iberdrola has launched a friendly takeover of 100 percent of the Australian renewables company Infigen Energy, in a A$ 840 million (€510 million) transaction.

By acquiring a company that boasts 670 megawatts (MW) of wind power in operation – with seven wind farms – and a wind and solar project portfolio of 1 gigawatt (GW) at various stages of development, Iberdrola will rise to the top of the South Australian market in terms of installed capacity, with almost 1,000 MW.

Manned by around 80 workers, this Australian company will also bring another 560 MW in operation through proprietary, leased and capital-lite assets, which includes the power obtained from four PPAs (245 MW) and storage batteries (75 MW).

The company is already developing the hybrid renewable project at Port Augusta located in South Australia, with a 210 MW wind farm and a 110 MW solar power plant. Requiring an estimated investment of €310 million, work on this complex will begin at the end of this year to have it up and running some time in 2021.

Thanks to the Infigen takeover, the energy produced at this complex will be sold to Australian industrial clients.