Spanish utility Iberdrola has sealed an alliance with Italian energy group API Holding to develop seven wind farms with a combined installed capacity of about 350 MW in the Italian regions of Apulia and Sicily and costing around EUR 500 million. Under the agreement, Iberdrola will acquire a 50% stake in a company called Societa Energie Rinnovabili to be established with API subsidiary API Nova Energia. The seven projects are at a late stage of the development process and are expected online in 2008 and 2009. Outside of this agreement, Iberdrola says it is developing an additional 200 MW in wind plants in Italy and has an option to acquire 100 MW in projects. API currently has 30 MW operating in a wind plant in Campania and is developing another 350 MW elsewhere in Campania, as well as in the regions of Lazio and Calabria. The API group is owned by the Brachetti Peretti family and is Italy's third largest oil company. Iberdrola is just one of a number of Spanish companies active in the Italian wind market; Gamesa, Endesa and Acciona all have developed Italian wind farms and have additional projects in the pipeline.