Iberdrola To Sell 49% Of Its Largest Offshore Wind Farm For 2 Billion Euros


Iberdrola will sell a stake of up to 49% of East Anglia Three, its largest offshore wind farm in the world, located in the southern North Sea off the coast of the United Kingdom. According to elEconomista.es, the electricity company has just started the process, through which it intends to incorporate an international fund in the project’s capital.

The infrastructure, which has just begun construction, will have an installed capacity of 1,400 megawatts (MW) and the value of the operation is estimated in the market to exceed 2 billion euros, with a valuation for 100% above 4 billion. With this divestment, the company chaired by Ignacio Sánchez Galán aims to further its deleveraging and finance new renewable projects.

East Anglia Three is one of the three offshore wind projects, together with East Anglia One North and East Anglia Two, which will form part of the East Anglia Hub, the macro-complex being developed by Iberdrola, through its UK subsidiary, in the southern North Sea. The three facilities will have up to 3,100 MW of power: East Anglia Three, the largest of the three, will have 1,400 MW, East Anglia One North, 800 MW, and East Anglia Two, 900 MW.

East Anglia Hub is the Iberdrola group’s largest offshore wind initiative in the world and will involve an investment of approximately 10 billion pounds (more than 11.5 billion euros), according to the Basque utility’s official figures. In the case of East Anglia Three, the investment exceeds 4 billion. The 3,100 MW planned are enough to supply 2.7 million British homes with clean energy and represent more than 7.5% of the 40 GW offshore wind energy target set by the UK government for 2030.

About the Author

The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.