Iberdrola Renovables France has entered into an agreement with Aiolos and Caisse des Dépôts et Consignations for the acquisition of shares comprising 100 percent of French company Aalto Power’s share capital and for the allocation of certain loans given to Aalto Power by the sellers.
Aalto Power owns operating onshore wind farms in France with an aggregate capacity of 118 MW and a portfolio of 636 additional MW of onshore wind farm projects under different stages of development.
The sum payable by Iberdrola Renovables France to the sellers for the acquisition of the shares comprising Aalto Power’s entire share capital and the assignment of the loans under the share purchase agreement to Aalto Power is €100.1 million.
Aalto Power already has 118 megawatts (MW) of onshore wind generation operating in France and has a portfolio of onshore wind projects in the country in different stages of development to add another 636 MW.
The transaction, which is subject to the conditions precedent customary for transactions of this kind, is framed within Iberdrola’s strategy to increase its footprint and growth in renewable energies in France.
Iberdrola Renovables France, is a wholly-owned indirect subsidiary of Iberdrola Energía Internacional, Iberdrola’s subholding company for the European markets other than Spain and the United Kingdom.