Iberdrola sells 49% of Wikinger to EIP for 700 million to boost offshore wind portfolio

The company reaffirms its commitment to wind power leadership with 3,000 MW under construction and 4,000 MW secured and 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 in the Baltic Sea, for 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%.  

According to the terms of the transaction, the valuation of 100% of Wikinger amounts to around 1,425 million euros.  Iberdrola, which will continue to control and manage the asset, will continue to provide operation and maintenance services 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 transition, given its successful track record as a long-term shareholder in the sector and its experience in infrastructure and renewable technology. 

Wikinger is one of Iberdrola's most emblematic operational projects as it is the first offshore wind farm that the group developed alone. Since its entry into operation in 2018, with an installed capacity of 350 megawatts (MW), it has been supplying approximately 350,000 German households. 

With this transaction, Iberdrola is making progress in fulfilling its asset rotation plan, which will enable it to finance new renewable projects under development. 

Iberdrola reaffirms its commitment to offshore wind, with almost 1,300 MW of offshore capacity in operation by the end of June 2022. It also has 3,000 MW under construction, another 4,000 MW secured and a large portfolio of projects under development. 

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

In the United States, Iberdrola is already promoting the country's largest large-scale offshore wind farm: Vineyard Wind. Located off the coast of the state of Massachusetts, its 800 MW of power will be capable of meeting the energy needs of 1 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 construction of Baltic Eagle in the Baltic with a total capacity of 476 MW. Next year, construction will begin on Windanker with a capacity of 308 MW. 

These new wind farms will be joined by Saint-Brieuc, in French waters, which is expected to come into operation in 2023. It will have a capacity of 496 MW and will be located off the coast of Brittany, 20 kilometres offshore. 

Iberdrola's global offshore wind portfolio includes a wide range of projects at different stages of development in countries such as the United Kingdom, the United States, Ireland and Sweden, along with an expanding development pipeline in countries such as Japan, Taiwan, the Philippines and South Korea.