Iberdrola, Kansai Close $1.46B Deal for Baltic Sea Offshore Wind Farm

(Credit: Iberdrola)

Iberdrola has closed a strategic agreement with Kansai, Japan's second largest electricity company, to co-invest in the 315 MW German offshore wind farm Windanker, located in the Baltic Sea.

After obtaining all the necessary regulatory approvals, Iberdrola will have a majority stake of 51% in the assets and thus accelerates energy independence in Europe, while Kansai, through its subsidiary Windanker Investco, will have a 49% share.

According to the terms of the operation, the valuation of 100% of this wind farm amounts to around $1.46 billion (€1.28 billion). Iberdrola will control and manage the assets, providing operation and maintenance services and other corporate services. 

In addition, both companies are partners in Electricity North West (ENW), an electricity distribution company in the United Kingdom, where Iberdrola acquired 88% last October, with the remaining 12% owned by a consortium led by Kansai.

Last February, Ignacio Galán, executive chairman of Iberdrola, and Toru Kuwahara, executive vice president of Kansai, announced the expansion of their strategic alliance with the aim of accelerating electrification globally. This collaboration will focus on various power grid and renewable energy projects in different countries

Windanker will have 21 wind turbines with a unit capacity of 15 MW and will be operational in the last quarter of 2026. Likewise, the asset has already sold 100% of its production with long-term contracts.