Iberdrola and investment firm AXA IM Alts have signed a memorandum of understanding today for collaboration in France’s offshore wind sector.
The two parties plan to negotiate the conditions under which AXA IM Alts, acting on behalf of its clients, will join the Iberdrola project as a minority shareholder if it wins the bottom-fixed, 1GW, AO4 site in Normandy.
The submission of offers for the AO4 site is scheduled for November 10, with an award expected during the first quarter of 2023.
AXA IM Alts has €184 billion in assets under management and what it calls “a key presence in France”.
It is focused on creating “sustainable value” for its clients with a strong commitment to social impact – commitments that it says are fully shared by Iberdrola.
The developer is finalising the construction of the 496 MW Saint-Brieuc offshore wind project in France, which will be operational at the end of 2023.
In 2020, the company acquired Aalto Power in order to strengthen its position in France and is currently developing a portfolio of onshore wind and solar projects in the country.