Global renewables giant Iberdrola continued its relentless push into new markets with the acquisition of a 550MW pipeline in Vietnam.

The Spain-based group has bought the development pipeline of Sowitec Vietnam, adding its five onshore wind and one 50MW floating solar project to a fast-growing Asia-Pacific presence that also spans Australia, Japan and South Korea.

Iberdrola expects to build the plants between next year and 2024, as Vietnam ramps up towards a renewables target of 20GW by 2030.