Iberdrola subsidiary Neoenergia has signed a deal to acquire a roughly 400MW onshore wind pipeline in Brazil from clean energy developer PEC Energia.
Neoenergia has not confirmed the specific cluster of projects in Bahia, eastern Brazil, but the transaction is believed to be for the Serra Das Almas complex.
Neoenergia will pay up to BRL $80 million ($15.2 million) after the closing of the deal “depending on the achievement of certain development milestones of the projects”.
Closing of the acquisition is subject to various conditions, including approval from the Brazil's competition regulator, CADE, Neoenergia stated.
Iberdrola’s subsidiary also has a call option – giving it the right, but not the obligation – to buy other PEC Energia wind farms in Bahia.
Neoenergia owns 412.5MW of operational onshore wind in Brazil, and is developing a further 3.5GW, according to Windpower Intelligence, the research and data division of Windpower Monthly.
PEC Energia is developing the 420MW Serra das Almas wind complex in Bahia, and has previously built the 223MW Serra da Babilonia project in the same state.
Earlier this year, Neoenergia’s parent company Iberdrola pledged to invest €10 billion as part of its coronavirus recovery plans in 2020, and has since made acquisitions in France, Australia, Sweden, and Japan.
However, talks fell through for it to enter Polish offshore wind earlier this month.