Sunday, April 2, 2023

Iberdrola sells 49% of Wikinger to EIP for 700 million euros to strengthen its offshore wind portfolio

The company reaffirms its commitment to leadership in wind energy, with 3,000 MW under construction and 4,000 MW guaranteedas well as a large pipeline of projects under development.

Iberdrola has signed an agreement with Energy Infrastructure Partners (EIP) for the sale of a 49% stake in the Wikinger offshore wind farm, which the company operates in German waters of the Baltic Sea, for an amount of 700 million euros. This transaction therefore represents the entry of a new partner in this renewable facility, in which Iberdrola will hold a majority stake of 51%.

Under the terms of the transaction, thehe 100% valuation of Wikinger is approximately €1,425 million. Iberdrola, which will continue to control and manage the asset, will continue to provide operation and maintenance and other corporate services to the company.

The company chaired by Ignacio Galán has decided to partner with Energy Infrastructure Partners, a leading Swiss infrastructure investment company focused on the global energy transitiongiven its good track record as a long-term shareholder in the sector and its experience in the field of infrastructure and renewable technologies.

Wikinger is one of Iberdrola’s most emblematic operational projects, as it is the first offshore wind farm that the group has developed alone. Since its commissioning in 2018, with an installed capacity of 350 megawatts (MW), it has supplied around 350,000 German households.

With this transaction, Iberdrola is progressing in the realization of its asset rotation plan, which gives it will finance new renewable projects under development.

IBERDROLA, resolutely committed to offshore wind energy

Iberdrola reaffirms its commitment to offshore wind powerwith almost 1,300 MW of offshore capacity in operation by the end of June 2022. In addition, it has 3,000 MW under construction, 4,000 MW secured and an extensive pipeline of projects under development.

Currently, the group already has two offshore wind farms in operation: West of Duddon Sands, et East Anglia One commissioned in 2017 and 2020 respectively and both located in the UK.

In the USA, Iberdrola is already promoting the country’s largest utility-scale offshore wind farm : Vineyard Wind. Located off the coast of the State of Massachusetts, its 800 MW capacity will meet the energy needs of one million homes. In total, Iberdrola has approximately 5,000 MW of offshore wind projects under development in the United States, including, in addition to Vineyard Wind, Park City Wind with 804 MW and Commonwealth Wind with 1,232 MW.

In Germany, the Group has started the construction of Baltic Eagle in the Baltic, with a total capacity of 476 MW. Next year, the construction of Windanker, with a capacity of 308 MW, will begin.

These new wind farms will be joined by that of Saint-Brieuc, in French waters, which should enter service in 2023. It will have a capacity of 496 MW and will be located off Brittany, 20 kilometers from the coast.

Iberdrola’s global offshore wind portfolio includes a wide range of projects at different stages of development in countries such as the UK, USA, Ireland and Sweden, as well as an expanding development pipeline in countries such as Japan, Taiwan, the Philippines and South Korea.

Nation World News Desk
Nation World News Desk
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