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.