Spanish electric utility company Iberdrola has signed an agreement with Swiss-based Energy Infrastructure Partners (EIP) for the sale of a 49% stake in Wikinger offshore wind farm in the German Baltic Sea.
The deal is valued at around €700m ($700m), and Iberdrola will maintain a majority stake in its first operational offshore wind farm in Germany, and continue to control and manage the asset estimated as worth some $1.42bn.
Iberdrola said it would use the funds to further advance its asset rotation plan and finance new renewable projects under development. The company has about 3 GW offshore wind capacity under construction and some 4 GW secured.
