Iberdrola sells half of German offshore wind farm to Japan's Kansai
Spanish renewables giant says 315MW Windanker project to be operational in late 2026; deal values Baltic Sea wind farm at $1.35bn
Iberdrola will sell a 49%-stake of its 315MW Windanker offshore wind project in Germany to Japan’s second-largest power company Kansai.
The Spanish renewables giant said the deal valued the whole of Windanker at €1.28bn ($1.35bn), which implies a multiple of €4.1m per megawatt.
Iberdrola will continue to control and manage the assets, providing construction, maintenance and other services. The company expects Windanker to be operational in late 2026.
"This operation will allow us to accelerate our growth in offshore wind with a strategic partner like Kansai,” Iberdrola president Ignacio Galán said.
“The Windanker wind farm, whose energy is already sold to industrial customers on a long-term basis, demonstrates the potential of renewables to promote the industrialisation of Europe with indigenous, clean, and competitive energy.”
Iberdrola already cooperates with Kansai after buying UK power distributor Electricity North West (ENW), where the Japanese power firm holds a 12% stake.
The Spanish company expects to have boosted its installed offshore wind capacity to 4.8GW by the end of 2026, up from 2.4GW now.
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