Iberdrola has agreed to sell a 40% share in the 714MW offshore wind project, East Anglia One (EAO), currently being built in the British North Sea, to the Green Investment Group (GIG).
On 12 August, it said that it would maintain a 60% majority shareholding in EAO, which has an entire value of £4.1bn and is the largest renewable project to be undertaken by a Spanish company. Upon it becoming operational in 2020, Iberdrola will receive £1.63bn from the GIG, part of Macquarie Group, for the 40% stake which it will then use to fund its organic growth plans.
Iberdrola explained offshore wind is to become an investment focus over the coming years, with it planning to develop a project portfolio of over 10,000MW. Key areas of focus are the North Sea, the Baltic Sea and the United States. These projects include the 800MW Vineyard Wind, the biggest offshore wind farm in the United States, which is currently under construction.
Once these projects are completed in 2022, Iberdrola said it would have installed 2,000MW of offshore wind power and will look to add a further 1,000MW.