Iberdrola, Kansai Close EUR 1.28 Billion Windanker Deal

April 24, 2025, by Adnan Memija

Iberdrola has closed a strategic agreement with Japan’s Kansai Electric Power Co., Inc. (Kansai) to co-invest in the 315 MW Windanker offshore wind farm in the German Baltic Sea.

Iberdrola Kansai Windanker — *Source: Iberdrola*

After obtaining all the necessary regulatory approvals, Iberdrola will have a majority stake of 51 per cent in the assets, while Kansai will hold 49 per cent.

According to the terms of the operation, the valuation of 100 per cent of the Windanker offshore wind farm amounts to around EUR 1,280 million, said Iberdrola. The company will control and manage the assets, providing operation and maintenance services and other corporate services.

The agreement between Iberdrola and Kansai, Japan’s second-largest electricity company, was announced in December 2024.

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

Business & Finance

Iberdrola reached the final investment decision for the 315 MW offshore wind farm in June of last year.

At the beginning of 2025, the German Federal Maritime and Hydrographic Agency (Bundesamt für Seeschifffahrt und Hydrographie; BSH) issued the planning approval decision for the construction and operation of Windanker.

The project will feature 21 Siemens Gamesa 15 MW wind turbines, installed 38 kilometres northeast of Rügen in the German exclusive economic zone (EEZ) of the Baltic Sea. Windanker is expected to be operational in the last quarter of 2026.