Iberdrola subsidiary Neoenergia has signed a deal to acquire a roughly 400MW onshore wind pipeline in Brazil from clean energy developer PEC Energia.
Neoenergia has not confirmed the specific cluster of projects in Bahia, eastern Brazil, but the transaction is believed to be for the Serra Das Almas complex.
Neoenergia will pay up to BRL $80 million ($15.2 million) after the closing of the deal 鈥渄epending on the achievement of certain development milestones of the projects鈥.
Closing of the acquisition is subject to various conditions, including approval from the Brazil's competition regulator, CADE, Neoenergia stated.
Iberdrola鈥檚 subsidiary also has a call option 鈥 giving it the right, but not the obligation 鈥 to buy other PEC Energia wind farms in Bahia.
Neoenergia owns 412.5MW of operational onshore wind in Brazil, and is developing a further 3.5GW, according to 搖錢樹娛樂城 Intelligence, the research and data division of 搖錢樹娛樂城.
PEC Energia is developing the 420MW Serra das Almas wind complex in Bahia, and has previously built the 223MW Serra da Babilonia project in the same state.
Spending spree
Earlier this year, Neoenergia鈥檚 parent company Iberdrola pledged to invest 鈧10 billion as part of its coronavirus recovery plans in 2020, and has since made acquisitions in France, Australia, Sweden, and Japan.听
However, talks fell through for it to enter Polish offshore wind earlier this month.
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