Iberdrola said the deal will enable the development of 50 wind farms in the Dobruja region of southeast Romania. Construction is set to run between 2011 and 2017.
The company is currently developing the 80MW Mihai Viteazu project in the area, however it is not covered by the agreement. Iberdrola said the deal formed part of its ambition to develop a greater presence in Eastern Europe.
According to Windpower Monthly's Market Status Report for Romania, the country's development of wind power has been sporadic. Last year it added on 3MW to its wind capacity.
There are signs this is starting to change. Romanian Wind Energy Association executive director Dana Duica expected roughly 500MW to come online this year.
Last week Romanian oil and gas group Petrom announced it was diversifing into renewable energy with the acquisition of Wind Power Park SRL, the owner of a fully-permitted 45MW wind farm also in the Dobrogea region of southeast Romania.