Iberdrola has signed an agreement with Energy Infrastructure Partners (EIP) for the sale of a 49% stake in the 350MW Wikinger offshore wind farm off Germany, in a deal valued at around €700m.
Iberdrola will maintain a majority stake of 51%, post transaction.
According to the agreement, Wikinger’s total valuation amounts to approximately €1.425bn.
Iberdrola will continue to control and manage this asset, leading the operations and maintenance services.
EIP is a Swiss infrastructure investment company focused on the global energy transition, with a a track record as a long-term shareholder in the industry and experience in infrastructure and renewable technology.
Wikinger was the first offshore wind farm developed by Iberdrola on its own and was commissioned in 2018.
The transaction further advances Iberdrola`s asset rotation plan to finance new renewable projects under development.
Iberdrola had almost 1300MW of offshore capacity in operation by the end of June 2022.
In addition, it has 3000MW under construction, another 4000MW 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 United States, Iberdrola group has begun construction of the country’s first commercial-scale offshore wind farm, the 800MW Vineyard Wind, located off the coast of Massachusetts.
In total, Iberdrola has approximately 5000MW of offshore wind projects under development in the United States, including Park City Wind with 804MW and Commonwealth Wind with 1232MW.
In Germany, the group has started construction of 476MW Baltic Eagle project in the Baltic Sea.
Next year, construction will begin on Windanker, which will have a capacity of with 308MW.
These new wind farms will be joined by Saint-Brieuc, in French waters, which is expected to come into operation in 2023, with a capacity of 496MW.