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August 2, 2022

Iberdrola to acquire renewable project portfolio in Poland

The 98MW portfolio includes two wind farms and six solar photovoltaic plants.

Spanish energy company Iberdrola has concluded a preliminary agreement with Augusta Energy to acquire a 98MW wind and solar project portfolio in Poland.

The portfolio includes two wind farms with a combined capacity of 50MW, as well as six solar photovoltaic plants, whose combined capacity amounts to 48MW.

All the projects are currently in development and expected to come online next year.

Once operational, they will deliver clean energy to T-Mobile Polska under a 15-year power purchase agreement (PPA).

The financial details of the deal have not been disclosed.

Augusta Energy is a joint venture company of V-ridium Power Group and asset management firm KGAL.

The deal is intended to strengthen Iberdrola’s footprint in Poland and will increase the company’s installed capacity in the country to 261MW.

In a statement, Iberdrola said: “Iberdrola is also developing several offshore wind technology projects in Poland and is participating in the Polish government’s call for tenders for different areas of the Baltic Sea.

“The projects will be incorporated into the Baltic Sea Hub, the group’s hub that will act as the epicentre of its renewable activity in Germany, Poland and Sweden.”

In May this year, Iberdrola began construction works at the 50.5MW Korytnica II wind farm in Poland, which is due to begin operations next year.

The company also operates the 30MW Zopowy wind farm in the country’s Opole region, as well as the Korytnica I wind farm, which has 82.5MW of capacity.

Based in Bilbao, Spain, Iberdrola has almost 39,000MW of total renewable capacity and claims to have one of the cleanest power generation fleets in the global energy sector.

Last month, the company secured a €550m ($562.49m) green loan from the European Investment Bank (EIB) to fund the development of renewable energy projects in Spain.

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