Theolia said the Theolia Utilities Investment Company would be open to "utilities, producers and distributors of electricity, willing to commit themselves for the long term.
The target is €100 million of equity, allowing investments of over €300 million when combined with project financing.
IWB will take a 30% stake, while Theolia will hold 70% in the first instance, though aims to reduce this to 40% as more partners join.
The company will buy projects from Theolia, which will also undertake the development, construction and operation of the plant on a fee basis.
Theolia CEO Fady Khallouf said: "Revenues and advantages generated by this partnership will allow [Theolia] to accelerate its development.
The group currently operates 877MW of wind-power installations on its own account and for third parties in France, Germany, Italy and Morocco.
IWB currently generates 7% of its production from wind. It owns 4.6MW in Switzerland and in June bought 61MW operating in France from Samfi-Invest. The company is aiming at 500GWh of wind, solar and biomass generation in 2015.