Iberdrola has begun exploring the sale of 49 per cent of its East Anglia Two offshore wind farm project in the UK, according to a report by the Spanish media outlet Cinco Días citing unnamed sources.
The renewable energy developer has already engaged Bank of America and BBVA as financial advisors to assist with the potential transaction, Cinco Días writes.
Iberdrola’s interest in selling a nearly half stake in East Anglia Two mirrors previous deals in the East Anglia portfolio, where the company has brought in financial partners in two other phases, East Anglia One and East Anglia Three.
The 714 MW East Anglia One offshore wind farm is owned by Iberdrola’s UK arm ScottishPower Renewables and Macquarie’s Green Investment Group (GIG), with Octopus Energy having acquired a 10 per cent stake from GIG this April. East Anglia One has been in operation since 2021.
In July this year, Iberdrola and UAE clean energy company Masdar announced what the companies said was the largest offshore wind transaction of the decade as they signed an agreement to co-invest in the 1.4 GW East Anglia Three project, currently under construction.
The 960 MW East Anglia Two will enter construction next, in 2026/2027.
Located in the southern region of the North Sea, off the east coast of England, the East Anglia Two offshore wind farm was selected in the UK government’s latest Contract for Difference (CfD) Allocation Round 6 (AR6).
The 960 MW project, currently wholly owned by ScottishPower Renewables, will feature 64 Siemens Gamesa SG 14-236 DD wind turbines , which will be placed on top of the monopiles supplied by Sif . The installation of the wind turbines and foundations will be carried out by Cadeler .