Spanish utility Iberdrola announced today it has agreed to buy the 50% it does not already have in two wind power companies in Brazil with a combined installed capacity of 288 MW.

The European company will pay EUR 98 million (USD 103.9m) for a 50% stake in each of the Forca Eolica do Brasil (FEB) 1 and 2 firms, currently held by Brazilian power holding Neoenergia SA.

Located in the states of Bahia and Rio Grande do Norte, FEB 1 and 2 each have five operational wind farms under their belt with 150 MW and 138 MW of combined installed capacity, respectively.

Due to Iberdrola's 39% stake in Neoenergia, the deal will not have a big impact on the Spanish company's financial statements, Iberdrola noted.

The completion of the transaction is pending clearance from Brazil's Administrative Council for Economic Defense (CADE), the National Development Bank (BNDES) and the Banco do Brasil bank.