Spanish utility Iberdrola has signed an agreement with Partners Group and OPTrust to purchase full ownership of the Ararat wind farm located in Victoria, Australia.

The wind farm, which has an installed capacity of 242MW, has been operating since 2017.

Most of its electricity is sold under power purchase agreements (PPAs) with major customers, providing stable and predictable revenue streams.

The asset is projected to benefit from rising electricity prices driven by growing demand for renewable energy in Victoria, where the state government has set a target of sourcing 95% of its energy from renewable sources by 2035.

Iberdrola said, Ararat is also positioned to benefit from upcoming transmission upgrades such as the Western Renewable Link and Project Energy Connect, which will expand its ability to export power.

This deal is said to reinforces Iberdrola’s strategy to grow its renewable energy portfolio in Australia and supports the country’s broader electrification goals.

Completion of the transaction remains subject to standard closing conditions.

The acquisition aligns with Iberdrola Group’s 2025-28 strategic plan, which includes more than €1bn ($1.17bn) of planned investment in Australia.