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The Greek capital markets regulator has given the green light to Iberdrola's prospectus voluntary tender offer for shares in Rokas Group.
In July, Iberdrola announced the offer over all of the ordinary and preferred shares it does not currently own in the Greek wind power company.
Regulator CMC has now approved the plans to buy a bigger stake in the company.
It has valued the minorities buyout transaction at around 175 million, with Credit Suisse acting as financial advisor.
Iberdrola says the transaction is in line with its "goal of strengthening its presence in strategic markets and will consolidate its leadership in Greece".
It added: "With this initiative, the Iberdrola Group's renewable energy subsidiary confirms its commitment to the Greek market, where it has been present since December 2004 when it acquired 21 per cent of Rokas' ordinary shares.
"Since then, the company has gradually increased its presence in the Greek wind power market."
Iberdrola is the market leader in wind farms in Greece and Spain and has the second largest market share in the UK and US.
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