Iberdrola/Kansai close offshore wind alliance with €1.3b investment in Baltic Sea

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

After obtaining all the necessary regulatory approvals, Iberdrola said it would have a majority stake of 51 per cent in the assets of the farm.

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

Iberdrola said Windanker would have 21 wind turbines with a unit capacity of 15 MW and would be operational in the last quarter of 2026. The asset has supposedly already sold 100 per cent of its production with long-term contracts.

"The policy of alliances is Iberdrola's strategy to accelerate its growth and promote the decarbonisation of the economy while maintaining its financial strength," said the company.