19 Dec Iberdrola acquires Ararat Wind Farm in Australia
(Oilandgaspress) Iberdrola has reached an agreement to acquire 100% of the Ararat Wind Farm, located in the state of Victoria, Australia, from Partners Group and OPTrust. The project, with an installed capacity of 242 MW, has been operational since 2017.
The asset sells most of its output through Power Purchase Agreements (PPAs) with large customers, providing predictable cash flows, and will benefit from increasing expected prices in an environment of increasing demand for renewable energy in Victoria. This acquisition also reinforces the company´s ability to supply its business customers portfolio with own generation in Victoria, a state targeting 95% renewable energy by 2035.
Additionally, the wind farm is set to benefit from upcoming transport infrastructure projects, such as the Western Renewable Link and Project Energy Connect, increasing its options to export energy.
The transaction reaffirms Iberdrola’s commitment to expanding renewable energy in Australia, in line with the country’s electrification strategy. The acquisition remains subject to certain conditions customary in this kind of transactions.
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