The electric company bursts into the French generation market with the first European purchase in the ‘Covid stage’.
Iberdrola is finalizing the purchase for one hundred million euros of the French renewable energy group AAlto Power, which has an already installed and operational capacity of about 120 megawatts (MW) of wind power and a portfolio of projects of more than 630 MW, according to sources financial.
With this operation, which could be announced imminently, Iberdrola – the first Spanish energy group by capitalization – is shaking the European market and especially the French one. It is the first major company sale and purchase operation that occurs in the electricity sector in Europe since the crisis in the Covid pandemic broke out in February. With this acquisition, Iberdrola makes the definitive leap to attack the French energy services market.
Caisse des Dépôts
Founded in 2005 and based in Marseille, AAlto Power is owned by the Aiolos and Caisse des Dépôts group. At the beginning of the year, Iberdrola already made a leap in France by increasing its weight in the Saint-Brieuc offshore wind energy project, taking over the entire capital of Ailes Mariles, which develops this infrastructure, off the coast of French Brittany. . Iberdrola already had around 70% of the capital, and acquired the stakes held by Renewable Energy Systems (RES) and Caisse des Dépôts. The operation was valued at around 50 million euros, and gave Iberdrola full autonomy to direct a project whose investment is valued at 2,500 million euros.
Generation, the key
The problem is that Saint-Brieuc so far does not have any megawatt in operation, which leaves Iberdrola lacking in this business, key to being able to commercially address the business of electricity sales services in France directly to consumers. AAlto Power has wind facilities distributed in various regions in northern France and in the center of the country.
The French market is one of its great strategic bets. At the end of September last year, Iberdrola launched its first commercial campaign to sell electricity and gas directly to customers in France, through an online marketer. Its objective is to capture one million customers by 2023, 10% of the French domestic electricity and gas market.
Donations to Interior
On the other hand, Iberdrola yesterday made available to the Ministry of the Interior a million masks, 20,000 protective glasses and 5,390 sanitary suits for its different units.
The material, which was delivered to the Iberdrola de San Agustín de Guadalix Campus in Madrid, is part of a global action carried out by the group during the coronavirus crisis, which includes the acquisition and donation of medical items for 30 million euros.