Iberdrola to Sell Stake in 315 MW German Offshore Wind Farm to Japan’s Kansai

December 13, 2024, by Adnan Memija

Japan’s Kansai Electric Power Co., Inc. (Kansai) has signed a share purchase agreement with Iberdrola to participate in the 315 MW Windanker offshore wind farm in the German Baltic Sea.

The operation values 100 per cent of the offshore wind farm at EUR 1.28 billion, which implies a multiple of EUR 4.1 million per MW and 13.5 times EBITDA, according to Iberdrola.

Kansai’s subsidiary Windanker Investco B.V. will hold a 49 per cent stake in Windanker GmbH after obtaining approval from German authorities, while Iberdrola will retain control of the remaining 51 per cent.

The Spain-headquartered company will control and manage the assets, providing construction, operation, maintenance, and other corporate services.

Iberdrola made the final investment decision for its Windanker offshore wind farm in June this year. The wind farm is the third offshore wind project for Iberdrola in the German Baltic Sea. The company already operates the 350 MW Wikinger and is developing the 467 MW Baltic Eagle project.

Together, these offshore wind farms are part of Iberdrola’s Baltic Hub, scheduled to operate an installed capacity of over 1.1 GW by 2026.

“This operation will allow us to accelerate our growth in offshore wind with a strategic partner like Kansai. The Windanker wind farm, whose energy is already sold to industrial customers on a long-term basis, demonstrates the potential of renewables to promote the industrialization of Europe with indigenous, clean, and competitive energy,” said Ignacio Galán, Iberdrola’s president.

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Windanker will feature 21 Siemens Gamesa 15 MW wind turbines placed on top of the monopiles supplied by the Navantia-Windar consortium.

According to our previous news about the project, the wind turbines will be installed by Havfram, with the work scheduled to start in the summer of 2026, while Van Oord is responsible for the installation of foundations.

When it comes to Kansai, Windanker marks the company’s fifth offshore wind farm participation overseas. The acquisition brings Kansai’s net capacity of overseas generation to 3,007 MW.