This story was first published on 7 May when the deal was first announced. It was updated when the deal was completed.
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%).
The deal was signed off yesterday (1 July) with the French finance ministry’s approval.
Aalto is Iberdrola’s first purchase in French soil that is operational as it continues to develop its 496MW Saint-Brieuc offshore wind farm off the coast of Brittany, which it took over in March. Construction at Saint-Brieuc is not expected until next year at the earliest.
Iberdrola is planning to commission over 4.5GW of new wind capacity this year as part of a €3-4 billion investment drive in French renewables over the next four years.
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 company said.
Iberdrola announced plans to invest €10 million this year as part of a coronavirus-recovery strategy.