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    Iberdrola sells 49% of a wind farm for US$700 million

    September 15, 2022 - Staff Oil & Gas Magazine


      Wikinger is off the island of Rügen and is part of the 1,258 megawatts of offshore wind capacity.

      Spanish utility Iberdrola said Wednesday it had agreed to sell Swiss investment fund Energy Infrastructure Partners (EIP) a 49% stake in a German offshore wind farm for $700 million.

      The sale of the Wikinger wind farm will have no impact on Iberdrola's financial results in 2022, said

      the company, Europe's largest electric utility, in a statement.

      Wikinger is off the island of Rügen and is part of Iberdrola's 1,258 megawatts of offshore wind capacity in operation. Iberdrola estimates it will invest around 30 billion euros worldwide in offshore turbines by 2030.

      Wednesday's statement confirmed a Reuters report published on Tuesday.

      EIP, which manages more than $4.17 billion in assets, is investing in renewable assets in Europe.

      EIP and Crédit Agricole Assurances reached an agreement in June to jointly buy a 25% stake in the renewables subsidiary of Spain's Repsol.

      Iberdrola's deal comes against a backdrop of rising energy prices in Europe, while the European Commission is considering the

      European Commission is studying the possibility of limiting the price at which wind, solar and nuclear power plants can sell electricity to 180 euros per megawatt (MW) hour.

      Iberdrola is selling stakes in its wind developments to help finance its E150 billion investment plan for 2020-2030, mostly dedicated to renewables and power grids.

      In 2019 it sold 40% of a British development to Macquarie's Green Investment Group.


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