Iberdrola has closed a strategic agreement with Japanese power company Kansai to co-invest in the 315MW Windanker offshore wind farm off Germany in the Baltic Sea.
According to the terms of the operation, the valuation of 100% of this wind farm amounts to around €1.28bn.
After obtaining all the necessary regulatory approvals, Iberdrola will have a majority stake of 51% in the wind farm and will control and manage the asset, providing operation and maintenance services and other corporate services.
Last February, Ignacio Galan (pictured left), chairman of Iberdrola, and Toru Kuwahara, executive vice president of Kansai, announced the expansion of their strategic alliance with the aim of accelerating electrification globally.
This collaboration will focus on various power grid and renewable energy projects in different countries
Windanker will have 21 15MW wind turbines and will be operational in the last quarter of 2026.
It has already sold 100% of its production with long-term contracts.
Since December 2024, Kansai has been financially involved in Windanker, with a 49% stake.
In addition, Iberdrola signed an alliance with Energy Infrastructure Partners to co-invest in the Wikinger offshore wind farm and boost its offshore wind portfolio.
In addition, both companies are partners in Electricity North West (ENW), an electricity distribution company in the United Kingdom, where Iberdrola acquired 88% last October, with the remaining 12% owned by a consortium led by Kansai.