Energy producer Iberdrola has announced the sale of 757 megawatts (MW) of onshore renewable assets in France to independent French company Technique Solaire. The deal includes 118 MW already in operation and 639 MW under development, spread across wind and solar technologies. This move is part of the Iberian group’s strategy to raise EUR13bn ($14.1bn) through asset rotations to support an investment plan of EUR58bn ($62.9bn) focused on networks and core markets.
Reduction of exposure to the French onshore market
Iberdrola is maintaining its presence in offshore wind through the Saint-Brieuc wind farm (496 MW), while divesting from the onshore segment, which is considered less strategic amid its pivot towards capital-intensive regulated assets. The sold portfolio is estimated to produce 280 gigawatt-hours (GWh) annually from existing capacity, with several terawatt-hours of potential from the development pipeline.
The transaction comes as the French market faces increasing pressure on onshore wind, due to long permitting timelines, frequent legal challenges and fragile social acceptance. Solar energy, by contrast, is accelerating, with installed capacity rising by 5.3 GW in 2024, compared to 1.6 GW for wind.
Technique Solaire scales up
Founded in 2008, Technique Solaire expands its exclusively French portfolio—historically dominated by photovoltaic—to include more wind generation. Backed by a EUR200mn ($216mn) capital raise from Bpifrance and Crédit Agricole Group, the producer now has the financial capacity to integrate a large-scale portfolio.
The deal also reinforces a current market trend toward partial renationalisation of energy infrastructure, with assets increasingly held by domestic producers backed by public or cooperative capital. This structure helps facilitate access to green and regionally targeted financing mechanisms.
Regulatory and labour-related aspects
The asset transfer remains subject to consultation with Iberdrola France’s Social and Economic Committee (CSE), in line with French Labour Code requirements. If contested, this process could delay the deal’s closing, though outright cancellation remains rare.
Given the portfolio’s modest size relative to the overall market, competition authorities are not expected to initiate an in-depth review. Nonetheless, the change in ownership will require adjustments to contracts such as power purchase agreements (PPAs) and grid connection agreements.
Expected market effects
While the acquired assets remain marginal in France’s overall power mix, they are strategically significant for regulatory tenders and revenue structuring through PPAs. The ownership shift could prompt renegotiation of certain clauses, especially with industrial buyers.
The transaction also alters the operating landscape for maintenance, engineering and construction service providers, as existing contracts may be revised to align with Technique Solaire’s standards. In the medium term, increased portfolio concentration among French independent producers may encourage more stable investments from local subcontractors.
Strategic refocus for Iberdrola
By divesting its French onshore portfolio, Iberdrola frees up capital for higher-return investments, particularly in UK and US networks and offshore projects. Retaining the Saint-Brieuc site enables the group to preserve a key position in the French market while limiting its exposure to the risks associated with terrestrial permitting.
