Iberdrola acquires 98MW of solar and wind projects in Poland

With the acquisition of the 98MW solar and wind projects, Iberdrola will bring its total to 261MW of renewables in Poland. Image: Iberdrola.

Spanish utility Iberdrola has entered into an agreement for the acquisition of 98MW of solar and wind projects in Poland with Augusta Energy, a joint-venture between renewables developer V-ridium Power and asset manager KGAL.

The transaction includes six solar PV plants totalling 48MW, with the projects currently under construction and set to be commissioned in 2023.

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Moreover, a 15-year power purchase agreement (PPA) has already been signed with telecommunication company T-Mobile Polska, indexed to the consumer price index.

The acquisition will bring the Spanish utility’s renewable capacity – mostly of wind generation – in Poland to 261MW which has become one of Iberdrola’s key growth market.

Recent financial results showed the company’s strong performance coming from its international markets, despite signing a PPA with beverage company PepsiCo in Spain to procure 590MW of renewable energy.

Furthermore, Iberdrola recently signed a US$562 million green loan with the European Investment Bank to finance 1.8GW of Spanish renewables portfolio.

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