Iberdrola has completed the acquisition of the Ararat wind farm in Victoria, making it the Spanish energy giant’s biggest wind farm in Australia.
Iberdrola acquired the wind farm from Partners Group and OPTrust after obtaining all necessary approvals.
The purchase of the 242-megawatt wind farm means that Iberdrola now has a presence in five states across Australia, with Ararat becoming the company’s first owned generation asset in Victoria.
The company also owns wind farms and big batteries in New South Wales, South Australia, Queensland and Western Australia.
Iberdrola has more than 2,500 megawatts of installed capacity in the Australian market, mainly distributed among onshore wind farms, solar plants and batteries.
Australia is a key focus for the company, where it plans to invest €1 billion (AU$1.6 billion) by 2028.
The acquisition of Ararat is part of the group’s strategy of focusing its investments on its core businesses, primarily generation with long-term contracts or regulated networks, and on key markets.
The acquisition reinforces Iberdrola’s ability to supply its business customers portfolio with own generation while also selling a significant portion of its output through power purchase agreements.
The Ararat deal gives the company predictable cash flows in a state targeting 95 per cent renewable energy by 2035.
The deal is also the sixth transaction completed by Iberdrola so far in 2026, following the sale of its onshore generation in France, the sale of its mini-hydro assets and slurry business in Spain, the sale of its Hungary operations, and the addition of 650 MW of solar power capacity to its joint venture with Norges Bank Investment Management.
Iberdrola also recently entered Australia’s grid business with VNI West (Victoria to New South Wales Interconnector West), a key infrastructure project that will connect the states of Victoria and New South Wales.