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    Energy Infrastructure Partners to Acquire 49% Stake in Windanker Offshore Wind Project in Germany from Iberdrola for USD705 Million


    September 16, 2022 - Marketline - Deals

     

      Deal In Brief

      Energy Infrastructure Partners LLC, has agreed to acquire 49% stake in Wikinger offshore wind farm in the Baltic Sea, Germany from Iberdrola SA, for a purchase consideration of EUR700 million. The total installed capacity of the project is 350 MW. This transaction implies a deal value of USD4.1 million per MW

      Iberdrola will maintain a majority stake of 51%. According to the agreement, Wikinger’s total valuation amounts to approximately EUR1425 million. Iberdrola will continue to control and manage this asset, leading the operations and maintenance services

      Windanker has been supplying clean energy to approximately 350,000 German households since it was commissioned in 2018.The transaction further advances Iberdrola`s asset rotation plan to finance new renewable projects under development

      Bank of America and Santander are managing the Wikinger sale which they expect to close before the end of 2022

      According to sources, Iberdrola has hired JPMorgan Chase & Co as financial advisor to the transaction

      Deal History: Rumor: On July 31, 2022, Masdar and Canada Pension Plan Investment Board (CPPIB), are weighing binding offers for a 40% stake in Wikinger offshore wind farm, at EUR1.4 billion, according to a source close to the matter told Reuters. On March 22, 2020, Iberdrola intends to sell 40% stake in Wikinger offshore wind farm in Germany.

      Deal Value (US$ Million) 705.01
      Deal Type Acquisition
      Sub-Category Asset Purchase
      Deal Status Announced: 2022-09-14

      Deal Participants

      Acquirer (Company) Energy Infrastructure Partners, LLC
      Vendor (Company) Iberdrola, S.A.

      Deal Rationale

      % Acquisition 49%

      (Republication or redistribution, including by framing or similar means, is expressly prohibited without prior written consent. Marketline shall not be liable for errors or delays in the content, or for any actions taken in reliance thereon.)

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