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Spanish Electric utility Iberdrola has signed an agreement to acquire the French renewable firm Aalto Power for €100 million (£87m).
The acquisition forms part of Iberdrola’s commitment to expand its green footprint in France and gain as many as one million customers in the French retail energy market by 2023.
The newly acquired Aalto Power owns and operates more than 118MW of onshore wind assets in France and has projects totalling 63MW of capacity under development.
Iberdrola has previously invested up to €2.5 billion (£2.1bn) in the 496MW Saint-Brieuc offshore wind farm, that on completion will provide clean electricity to around 835,000 French citizens.
