Iberdrola has brought the Japanese electricity company Kansai into its Windanker offshore wind project, already under construction, by co-investing in the asset, reaching a 49% stake, while The Spanish company will maintain control with the remaining 51%.
The price of the operation to be paid at the closing of the transaction, which is subject to possible adjustments customary in this type of operations, estimated at approximately 150 million of euros, which for the Iberdrola group represents an implicit valuation of 100% of the Park of approximately 1,280 million euros in terms of company value.
The Windanker offshore wind farm, located in the German Baltic, will have an installed capacity of 315 MW and will be operational in the last quarter of 2026. Iberdrola will control and manage the assets, providing construction, operation and maintenance services and other corporate services.
After the closing of the operation, Kansai must contribute, in proportion to its participation in the capital of Windanker, to the construction costs of the park until its completion.
The execution of the operation is conditional on Kansai obtaining approval from the German authorities for foreign direct investments, as well as compliance with or waiver of other usual suspensive conditions in this type of transaction.
Iberdrola has explained that the operation will not have a relevant impact in the group’s consolidated results for fiscal year 2024.
Expansion of your alliance
The agreement strengthens the relationships of both companiesfollowing the acquisition by Iberdrola of Electricity North West (ENW), where Kansai has a 12% stake, and allows Iberdrola to advance its alliance and asset rotation plan, accelerating its growth in countries with high credit quality at the same time that consolidates its financial strength.
Windanker Park will have with 21 wind turbines of 15 MW of power unit and has already sold 100% of its production with long-term contracts.
«This operation will allow us to accelerate our growth in offshore wind with a strategic partner like Kansai. The Windanker park, whose energy is already sold to long-term industrial clients, demonstrates the potential of renewables to promote the industrialization of Europe with indigenous, clean and competitive energy,” said the president of Iberdrola, Ignacio Sánchez Galán.
Iberdrola currently has 2,400 MW of offshore wind installed and plans to reach 4,800 MW by the end of 2026. The company It already has four offshore wind farms in operation: Saint Brieuc (on the coast of Brittany, in France), West of Duddon Sands (located in the United Kingdom, on the coast of the Irish Sea); Wikinger (in the German Baltic), and East Anglia One (one of the largest offshore wind farms in the world, on the British North Sea coast).
In addition, it has four other parks under construction that will come into operation in 2025 and 2026: Baltic Eagle, in Germany, whose turbines are already fully installed; Vineyard Wind One, the first large-scale wind turbine in the United States; East Anglia Three, in the United Kingdom; and the Windanker park (Germany), subject of the agreement with Kansai.
The investment in these operational and construction parks already represents 15,000 million euros. Additionally, last summer Iberdrola was awarded the East Anglia Two projects, in the United Kingdom; and New England Wind 1, in the state of Massachusetts (USA).
The company also has secured seabed rights for future parks in the United Kingdom, Continental Europe, the United States, Australia and Japan.
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