Iberdrola Acquires 1.6-GW Portfolio

Spanish utility group Iberdrola has acquired rights over a 1600 megawatt (MW) portfolio of wind projects in Romania. A contract with Eolica Dobrogea (Schweiz) AG, a company belonging to the Swiss engineering group NEK and the Romanian company Rokura, will see Iberdrola acquire a portfolio of approximately 50 wind projects, located in the Dobrogea region in eastern Romania.

These projects include approximately 800 wind farm installation sites, which are in various phases of development. The first farms are expected to start operating in 2009. Under the terms of the agreement, Eolica will be responsible for developing the projects, including planning and obtaining construction permits. Once the promotion phase is completed, the wind farms will be built and operated by Iberdrola Renewables.

The price may be EUR 200-300 million [US $295-442 million], depending on the sites that are acquired. The transaction reinforces its presence in Eastern Europe, where it already has projects in Poland, Hungary, and Estonia. It will also become Romania’s largest wind operator once the projects are developed there.

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