The projects will all be in the northern region of Galicia, where building has just started on the first 14MW.
Gas Natural Fenosa said in a statement it has revised its wind development portfolio in Galicia following the reduced "economic viability brought about by the reforms".
This is the first major announcement of new wind investments in Spain since the country’s right wing government ended all subsidies to new capacity in its July 2013 electricity reform law.
Other major developers, including fellow utilities Iberdrola and Enel, previously announced a freeze on new projects in Spain.
Gas Natural's revised portfolio concluded that 308MW of the 449MW the company is developing in Galicia remain viable, even without subsidies.
Last week the company started building on its 14MW Montouto wind plant in the Galician districts of Aranga and Guitiriz.
Galicia is Spain’s windiest region, with capacity factors often at 30-40%. This is comparable to many sites in Brazil, where operators also receive the electricity market price — sometimes as low as $US60/MWh (EUR44.4/MWh) — without subsidies.