Allens advises Iberdrola on renewables acquisition

Allens has advised global energy giant Iberdrola on its acquisition of the Port Augusta Renewable Energy Park Stage 1 hybrid wind and solar project.

The 320MW project will be the first venture in Australia for Iberdrola, one of the world’s largest electricity utilities and the number one producer of wind energy in the world. Iberdrola has around 53GW of installed generation capacity in Europe, the US and South America, around 32GW of which is renewable.

Expected to generate around 900 gigawatt-hours of electricity a year – enough to power around 180,000 homes – it forms part of Iberdrola’s Australian investment strategy.

‘We are delighted to have worked with Iberdrola on its first investment in the Australian renewables sector, and look forward to continuing to assist in the development phase of this important project,’ said lead Partner Kate Axup.

‘It is great to see the Australian renewables market continue to attract foreign investors of the calibre of Iberdrola.’

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