Iberdrola joins forces with the second largest Japanese electricity company, Kansai, to give it entry into its Windanker offshore wind farm. The company will keep 49% of the facility, while the Spanish company will maintain the remaining 51%.
The Windanker offshore wind farm, located in the German Baltic, will have an installed capacity of 315 MW when its construction is completed in the last quarter of 2026. The operation values the park at 1,280 million euros, which implies a multiple of 4. 1 million euros per MW and 13.5 times the ebitda.
Iberdrola will control and manage the assets, providing construction, operation and maintenance services and other corporate services.
The agreement strengthens the relationships of both companies, after Iberdrola’s acquisition of Electricity North West (ENW), where Kansai has a 12% stake, and allows the Spanish electricity company to advance its alliance and asset rotation plan, accelerating its growth in countries with high credit quality while consolidating its financial strength.
The Windanker park will have 21 wind turbines of 15 MW of unit power 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 the help of 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 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 has four offshore wind farms in operation: Saint Brieuc (off 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, the company 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 amounts to 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). In December 2023, Iberdrola closed an agreement with Masdar to co-invest up to 15 billion in offshore wind and green hydrogen in Germany, the United Kingdom and the United States, the first milestone of which was the agreement announced in July for the Baltic Eagle offshore wind farm in Germany but this park has not finally been included in said pact.
In two years, the electricity company has closed more than 40 corporate operations with a value of more than 17,000 million euros.
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