Spain’s Iberdrola has agreed to acquire full ownership of the 242-megawatt Ararat wind farm in the Australian state of Victoria from investors Partners Group and OPTrust, the company said.
The wind farm has been operating since 2017 and sells most of its electricity under power purchase agreements with large commercial customers. Iberdrola said the acquisition will enhance its ability to supply business clients in Victoria and position it to benefit from expected power price increases linked to rising demand for renewable energy.
The Ararat project is also expected to gain from planned transmission developments in the region, including the Western Renewable Link and Project Energy Connect, which are aimed at easing network constraints and supporting additional renewable capacity.
Iberdrola said the transaction, which is subject to customary closing conditions, underlines its long-term commitment to expanding its renewable energy footprint in Australia.
The deal follows a series of recent moves by the company in the country, including the acquisition of the Tungkillo battery energy storage system and its appointment as development partner to VicGrid for the Victorian section of the VNI West interconnector.
Iberdrola said the acquisition is consistent with its 2025–2028 strategic plan, which includes more than 1 billion euros ($X billion) of planned investment in Australia.
