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Iberdrola sells East Anglia ONE share

By: Tom Russell 13/08/2019 Ibredrola

Corporate General Windfarms

Iberdrola has entered into an agreement with Green Investment Group (GIG), part of the Macquarie group, to sell a 40% share in the East Anglia ONE offshore wind project, under construction off the East Anglian coast. Completion of the transaction is subject to the standard authorisation from the Crown Estate.

Iberdrola will maintain a 60% majority shareholding and will receive £1.63 billion (about €1.75 billion) for the sale of the 40% stake. According to transaction terms and conditions, the entire value of East Anglia ONE amounts to £4.1 billion, and these funds will be allocated to the Group's organic growth plans referred to in the 2018-2022 Strategic Plan.

East Anglia ONE is scheduled to be fully commissioned in 2020 and is expected to meet the energy demands of 600,000 British households annually. The project is being developed by Iberdrola's UK subsidiary, ScottishPower Renewables, and will have a 714 MW capacity, featuring 102 Siemens Gamesa SWT-7.0-154 wind turbines. A new base is currently under construction in Lowestoft, and will support operations and maintenance of the project. It is the first of four projects Iberdrola is developing in the East Anglia region to begin construction.

The next project closest to realisation is the East Anglia THREE offshore wind farm, which is expected to reach a Final Investment Decision in mid-2020, provided it secures a CfD in the 2019 auction. The company is also in the process of planning consultations on two other offshore wind farms in the East Anglia zone. If consents are granted, it is anticipated that East Anglia TWO will commence construction in 2024 and East Anglia ONE North will commence construction in 2025.

Ibredola stated that, over the next few years, offshore wind will be an investment focus for the company, developing a project portfolio of over 10,000 MW. It has a focus on three main regions: the North Sea, the Baltic Sea and the United States.

Iberdrola is in the process of developing the United States' first commercial-size project, Vineyard Wind. Just off the coast of Massachusetts, it will produce 800 MW of power to cover the energy needs of a million homes. In Germany, back in April, the company was awarded contracts to build two new plants in the Baltic Sea, which will produce a total of 486 MW: Baltic Eagle and Wikinger Süd.

In addition to these new plants, the Saint Brieuc wind farm, which is located in French waters, is anticipated to be commissioned in 2022. It will have 496 MW of installed power and will be located just off the coast of French Brittany, 20km offshore.

Once these projects are operating in late 2022, the company will have installed 2,000 MW of offshore wind power, after which it will add a further 1,000 MW.

For more information on offshore wind farms, click here. Alternatively, you can view projects across the globe using 4C Offshore's interactive map.

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Iberdrola sells East Anglia ONE share

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