Iberdrola, AXA to explore collaboration on 1-GW wind project off France

Spanish utility Iberdrola SA (BME:IBE) has joined forces with AXA IM Alts in a partnership that could make the division of French insurer Axa SA (EPA:CS) a minority shareholder in a roughly 1-GW offshore wind project in France.

Iberdrola and AXA IM Alts have signed a Memorandum of Understanding (MoU) regarding the collaboration, the Spanish company said on Monday. The pact aims to set the terms under which AXA IM Alts will join Iberdrola’s project, on behalf of its clients.

The partnership is tied to a scheme with which Iberdrola is competing in a tender for a roughly 1-GW offshore wind farm in the English Channel. The company was one of the six pre-qualified bidders to continue in the solicitation, with a proposal for a capacity range of 900 MW to 1,050 MW.

AXA IM Alts’ minority investment in the scheme is conditional on the successful outcome in the AO4 auction, as well as the receipt of regulatory approvals.

Proposals in the final round of the government tender will be accepted by November 10, while the project will be awarded in the first quarter of 2023. The wind farm commissioning is planned for 2028.

Choose your newsletter by Renewables Now. Join for free!