Iberdrola SA will invest 400 mln eur to expand its wind farm business to eastern Europe through the acquisition of the rights to build parks in Hungary, Poland and Estonia, Cinco Dias reported, without citing a source.

Iberdrola has acquired the rights for the construction of the parks, which will have a potential of 336 MW, the newspaper added.

The Spanish utility is also spending 115 mln eur to develop two wind parks near the border of Slovenia, which should begin operating in mid-2008, Cinco Dias said.

Separately, the newspaper noted that Iberdrola has also signed 20-year distribution agreement with the energy distributor Energa to sell all of its parks’ energy production in Poland.