Iberdrola becomes sole owner of 496-MW French offshore wind project

Iberdrola SA (BME:IBE) has acquired the 30% stake it did not previously own in Ailes Marines SAS, the company behind the 496-MW Saint Brieuc offshore wind project in French waters.

The Spanish utility group has gained full ownership after closing the acquisition of the stake held by Avel Vor, a joint venture between Renewable Energy Systems (RES) and French financial institution Caisse des Depots. The stake acquisition has been approved by the French Ministry of the Economy, Iberdrola said in a statement on Monday.

The Saint Brieuc project is a EUR-2.4-billion (USD 2.7bn) undertaking to construct a wind farm some 16 kilometres (9.94 miles) off the coast of Brittany. The power plant will feature 62 units of 8-MW turbines by Siemens Gamesa Renewable Energy SA installed across an area of 75 sq km (29 sq miles).

“The Saint-Brieuc project is now ready to get started on construction. All agreements are in place, the funding is secured and contracts are signed”, Jonathan Cole, Iberdrola's Global Managing Director for offshore wind, said. Iberdrola expects to conclude the final legal and administrative matters quickly to move forward with the project. Construction is scheduled to commence in 2021, while the wind farm will be fully up and running in 2023.

Besides Siemens Gamesa, the list of suppliers includes a Spanish joint venture between shipbuilder Navantia and wind tower maker Windar Renovables SL, and jacket foundations designer Atkins Ltd of the SNC-Lavalin Group. Nexans SA (EPA:NEX) will supply and install power export cables under a contract awarded by French transmission system operator (TSO) Reseau de Transport d'Electricite (RTE).

(EUR 1.0 = USD 1.14)

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