Spanish energy company Iberdrola intends to sell German offshore wind assets

Spanish power company Iberdrola plans to divest minority stakes
in three offshore wind projects in Germany, Reuters reported.

Local media in Spain reported that the company was considering selling a minority stake in
the Wikinger offshore project.

It is reported that the restructuring company has appointed financial services company Santander to sell certain shares
in three offshore facilities along with Bank of America.

The three facilities, Windanker, Baltic Eagle and Wikinger, are located in the Baltic Sea in Germany, and once completed, will have a total installed capacity of more than 1.
1GW
.

Iberdrola declined to comment on the report, as did Santander and Bank of America
.

Three major projects

Iberdrola previously announced an investment of €800 million in Windanker and plans to invest €2.
5 billion
in Baltic Eagle and Wikinger.

In 2019, Macquarie's Green Investment Group agreed to acquire a 40% stake
in East Anglia ONE wind farm from Scottish Renewables, a subsidiary of Iberdrola, for £1.
6 billion.

In February 2020, the German company Siemens also acquired Iberdrola's 8.
1% stake
in Siemens Gamesa Renewable Energy for EUR 1.
1 billion.

Earlier this year, Iberdrola completed a joint venture restructuring with Copenhagen Infrastructure Partners (CIP) to fully own a portfolio of more than 2GW of US offshore wind
.

Iberdrola's Avangrid Renewables subsidiary will be the sole owner
of the 1,232MW Commonwealth Wind project in Massachusetts and the Park City Wind project in Connecticut with a capacity of 804MW.

Iberdrola had previously considered divesting its onshore operations, but shelved those plans
in November.

Onshore wind is expected to help countries reduce their dependence
on Russian gas.
Germany also plans to reduce its dependence by increasing its focus
on renewable energy projects, Reuters reported.