Spanish electric utility company Iberdrola has officially given up a slice of its 476 MW offshore wind farm in the German Baltic Sea to Masdar.
The Abu Dhabi-based renewable energy company is paying around $414.5m for a 49% stake in the $1.5bn Baltic Eagle project. Masdar is to contribute corresponding to its stake to develop the project.
Baltic Eagle is being built some 28 km off the north-east coast of the German island of Rügen, in Mecklenburg-West Pomerania with expected commissioning in 2024. The Spanish firm will retain a 51% controlling stake and manage the asset when built.
It is part of Iberdrola’s plans to expand capacity in Germany up to more than 1.1 GW by 2026 which also includes the operational 350 MW Wikinger offshore wind farm and the 300 MW Windaker project.
Iberdrola has been raising funds to help finance its $150bn by 2030 investment scheme. Last year, the company sold a 49% stake in Wikinger to Swiss-based Energy Infrastructure Partners (EIP) for around €700m. Similar deals were struk with Norway’s Norges Bank Investment Management (NBIM) and Singapore’s GIC.
