Iberdrola has signed an agreement with Energy Infrastructure Partners (EIP) for the sale of a 49% stake in Wikinger offshore wind farm in Germany. The transaction is valued at approximately €700 million, and Iberdrola will maintain a majority stake of 51%.
According to the agreement, Wikinger’s total valuations amount to approximately €1.425 billion. Iberdrola will continue to control and manage this asset, leading the operations and maintenance services.
EIP is a leading Swiss infrastructure investment company focused on the global energy transition, with a successful track record as a long-term shareholder in the industry and experience in infrastructure and renewable technology.
Iberdrola, chaired by Ignacio Galan, is a world leader in offshore wind power. Wikinger is one of the company’s flagship operational projects and was the first offshore wind farm developed by the group on its own. With an installed capacity of 350 MW, it has been supplying clean energy to approximately 350 000 German households since it was commissioned in 2018.
The transaction further advances Iberdrola’s asset rotation plan to finance new renewable projects under development.
Iberdola, a firm commitment to offshore wind
Iberdrola reaffirms its commitment to offshore wind, with approximately 1300 MW of offshore capacity in operation by the end of June 2022. In addition, it has 3000 MW under construction, another 4000 MW secured, and an extensive project pipeline under development.
Elsewhere, the group has two offshore wind farms in operation: West of Duddon Sands and East Anglia One, commissioned in 2017 and 2020 respectively and located in the UK.
In the US, Iberdrola Group has begun construction of the country’s first commercial scale offshore wind farm: Vineyard Wind. Located off the coast of Massachusetts, its 800 MW capacity will meet the energy needs of 1 million homes. In total, Iberdrola has approximately 5000 MW of offshore wind projects under development in the US, including Park City Wind with 804 MW and Commonwealth Wind with 1232 MW.
In Germany, the Group has started construction of the 476 MW Baltic Eagle project in the Baltic Sea. Next year, construction will begin on Windanker, which will have a capacity of 308 MW.
These new wind farms will be joined by Saint-Brieuc in French waters, which is expected to come into operation in 2023. It will have a capacity of 496 MW and will be located off the coast of Brittany, 20 km offshore.
Iberdrola’s global offshore wind pipeline includes a wide range of projects at different stages of development in countries such as the UK, the US, Ireland, and Sweden, along with an expanding portfolio in countries such as Japan, Taiwan, the Philippines, and South Korea.
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Energy Global's Summer 2022 issue
The Summer 2022 issue of Energy Global hosts an array of technical articles focusing on wind, solar, biofuels, green hydrogen, geothermal, and more. This issue also features a regional report discussing the outlook for renewables in the US.