EXCLUSIVE Iberdrola set to sell 49% of Germany’s offshore wind farm to EIP – source

The logo of Spanish utility company Iberdrola is seen outside its headquarters in Madrid, Spain, May 23, 2018. REUTERS/Sergio Perez

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LONDON, Sept 13 (Reuters) – Global wind energy group Iberdrola (IBE.MC) is set to strike a deal with asset manager Energy Infrastructure Partners (EIP) to sell a 49% stake in a Germany’s flagship offshore wind farm in a deal that would value the Wikinger project at 1.4 billion euros, a source familiar with the matter told Reuters.

Iberdrola declined to comment. Switzerland-based EIP did not immediately respond to a request for comment.

Wikinger is an offshore wind farm located off the island of Rügen and is one of the 1,258 MW offshore wind farms that Iberdrola operates. The company calculates that it will invest around 30 billion euros worldwide in turbines planted off windy shores by 2030.

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EIP, which manages more than 4 billion Swiss francs ($4.16 billion) in assets, actively invests in renewable assets in Europe. EIP reached an agreement in June to buy alongside Crédit Agricole Assurances a 25% stake in the Spanish renewable unit Repsol (REP.MC). Read more

The deal comes at a time of tight political and social scrutiny over soaring energy prices in Europe, with the European Commission considering capping the price at which wind, solar and nuclear power plants will be capped at 180 euros per megawatt (MW) hour. could sell their electricity. Read more

Iberdrola, Europe’s largest utility, is selling stakes in its wind developments to help fund its €150 billion 2020-2030 investment plan, focused primarily on renewables and power grids. He sold 40% of a UK development to Macquarie’s Green Investment Group in 2019.

The company recently revamped its M&A team, appointing former Siemens Gamesa (SGREN.MC) CFO David Mesonero as global head of business development to accelerate the $3.2 billion asset rotation plan. announced in its 2020-2025 strategic plan.

($1 = 0.9609 Swiss francs)

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Reporting by Andres Gonzalez; Editing by Leslie Adler

Our standards: The Thomson Reuters Trust Principles.

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