Aalto Power owns 118MW of operational onshore wind capacity in France, and has a further 636MW in various stages of development.
It is owned by engineering firm Aiolos (50.1%) and French bank Caisse des Dépôts et Consignations (49.9%).
Iberdrola’s acquisition of Aalto Power is subject to various conditions, including authorisation from the French ministry of the economy.
It plans to look for further growth opportunities in the French renewable energy sector in the coming months, it stated.
Iberdrola is currently developing the 496MW Saint-Brieuc offshore wind farm off France through its wholly-owned subsidiary Ailes Marine.
It also aims to have one million customers in France’s electricity retail sector by 2023, the utility-developer said.
Iberdrola announced plans to invest €10 million this year as part of a coronavirus-recovery strategy.