Kansai will co-invest into Iberdrola’s 315MW Windanker offshore wind project, which is already under construction.
The Japanese electric company will have a 49% stake, while Iberdrola will retain control with the remaining 51%.
The Windanker offshore wind farm, located in the German Baltic Sea, will have an installed capacity of 315MW and will be operational in the last quarter of 2026.
The operation values 100% of the offshore wind farm at €1.28 billion, which implies a multiple of €4.1 million per MW and 13.5 times EBITDA.
Iberdrola will control and manage the assets, providing construction, operation, maintenance, and other corporate services.
The agreement strengthens the relationship between the two companies, following Iberdrola’s acquisition of Electricity North West (ENW), where Kansai holds a 12% stake, and allows Iberdrola to advance its alliance and asset rotation plan, accelerating its growth in high-credit-quality countries while consolidating its financial strength.
The Windanker wind farm will feature 21 wind turbines with a unit power of 15MW and has already sold 100% of its production through long-term contracts.
Iberdrola’s president Ignacio Galán (pictured) said: “This operation will allow us to accelerate our growth in offshore wind with a strategic partner like Kansai.
“The Windanker wind farm, whose energy is already sold to industrial customers on a long-term basis, demonstrates the potential of renewables to promote the industrialisation of Europe with indigenous, clean, and competitive energy.”
Iberdrola currently has 2400MW of installed offshore wind capacity and expects to reach 4800MW by the end of 2026.