Iberdrola sheds 49% in Germany's Wikinger to EIP for EUR 700m

Spanish utility group Iberdrola SA's (BME:IBE) said today it has clinched a deal to offload a 49% stake in the 350-MW Wikinger wind farm in German waters to Swiss infrastructure investor Energy Infrastructure Partners (EIP).

The buyer will pay around EUR 700 million (USD 700m) to get the minority interest in the Baltic Sea wind farm. Iberdrola will keep its majority shareholding and will continue to lead the asset management and operations and maintenance (O&M) activities.

The deal values Wikinger at roughly EUR 1.43 billion.

Iberdrola explained that the partial divestment supports its asset rotation plan through which it secures finance for new development projects. At present, the Spanish group has 3 GW of offshore wind projects under construction and an additional 4 GW secured.

Located 75 km (46.6 miles) off the German coast, Wikinger was connected to the grid in 2018. The plant is part of Iberdrola’s Baltic Hub which includes the 476-MW Baltic Eagle wind park currently under construction and a plan for another 308-MW wind project known as Windanker, due to enter construction next year.

The Wikinger complex operates under Germany’s feed-in-tariff regime and will get a guaranteed price for its output through 2037.

Iberdrola has close to 1.3 GW of offshore wind turbines in operation as of end-June.

(EUR 1.0 = USD 1.000)

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