Iberdrola sells 40% share of its offshore wind farm in the North Sea

East Anglia One

Iberdrola has signed a deal with Green Investment Group (GIG), part of the Macquarie group, to sell a 40% share of its Anglia One (EAO) offshore wind farm, which the Spanish company is building in the British waters of the North Sea.

With this transaction, the renewable power plant welcomes a new partner. Meanwhile, Iberdrola will continue to be a majority shareholder of 60%.

East Anglia One is one of Iberdrola’s most relevant developing projects and the biggest renewable project currently developed by a Spanish company. Once operational in 2020 is it set to be the world’s largest wind farm, with an installed capacity of 714 megawatts (MW); enough to supply clean energy to 600,000 British homes.

The information was provided in a press statement sent by Iberdrola.

East Anglia One valued to €4,400 billion

Under the terms of the agreement, the entire value of East Anglia One of GBP 4,100 billion (approximately €4,417 billion).

Furthermore, once operational in 2020, Iberdrola will have received GBP 1,630 billion (approx. €1,756 billion) for the 40% share.

This amount will be earmarked to finance the group’s organic growth, which is part of its 2018-2022 Strategic Outlook.

The completion of the transaction is subject to the standard authorization from the Crown Estate.

Iberdrola increases investment in offshore wind

On the other hand, the company informed that over the coming years it will increase its presence in the offshore wind energy field. To this end, it will focus on the development of a project portfolio of over 10,000 MW. This growth will be mainly focused on three areas: the North Sea, the Baltic Sea, and the United States.

This way, offshore clean power generation will become a fundamental pillar in the company’s strategy. Iberdrola plans to earmark 39% (about €13.2 billion) of the €34 billion investment for the 2018-2022 period, for the renewable business.

The group currently has two operative offshore wind farms: the West of Duddon Sands (commissioned in 2014 in the North Sea) and the Wikinger, (located in the German waters of the Baltic Sea and commissioned in December 2017).

Iberdrola is also promoting the biggest large-scale marine wind farm in the United States: the Vineyard Wind. This 800-MW complex will be located near the state of Massachusetts and will provide clean energy for one million homes.

Meanwhile, in Germany, the company was awarded two new 486-MW facilities in the Baltic Sea in April: The Baltic Eagle and Wikinger Süd.

Finally, it will add the 496 MW Saint-Brieuc, in French waters and set to be operational by 2022. It will be located off Brittany, in France, 20 kilometers from the mainland.

Growth opportunities

With these ongoing projects, the company will have installed 2,000 MW in offshore wind projects by the end of 2022, to which it will afterward add another 1,000 MW.

In its statement, Iberdrola highlighted it stands before a great opportunity for growth, with ambitious projects for new offshore wind capacity in both the United Kingdom and the United States.

For more information, check Energía16

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