As the energy transition gains momentum, many companies have become increasingly active in growing their portfolios of renewable energy assets. Spanish energy provider Iberdrola has been among the most active in this pursuit, both through M&A and greenfield development.

Today, Iberdrola announced a friendly acquisition bid for Australian renewables company Infigen Energy, in an offer worth €510 million. The acquisition would provide Iberdrola with 670 megawatts (MW) of wind power already in operation, and projects in development to provide another gigawatt of power, including seven wind farms and a wind/solar project. Infigen would also bring an additional 560 MW in operation through proprietary, leased and capital-lite assets, including power obtained from four PPAs (245 MW) and storage batteries (75 MW).

The Infigen acquisition would deepen Iberdrola’s presence in Australia, which the group recently identified as a priority market. Earlier this year, the company began development of a hybrid renewable project at Port Augusta located in South Australia, consisting of a 210 MW wind farm and a 110 MW solar power plant. The project is expected to be operational in 2021, and the addition of Infigen will provide the company with industrial clients for the energy produced.

Iberdrola has been active in acquiring international renewable energy assets, with three other recently announced deals, including two onshore wind projects in Scotland, French company Aalto Power, and 100% of the capital of the Saint-Brieuc offshore wind farm in France. The company has set a target investment level of €10 billion for this year.