Spanish electric utility company Iberdrola is searching for a partner to sell a 49% stake in the East Anglia Two offshore wind farm in the UK.
The utility has hired Bank of America and BBVA as its financial advisors for the proposed sale. The industry values the North Sea wind farm at around €5bn ($5.83bn).
This plan follows similar stake sales in East Anglia One and East Anglia Three. Namely, Macquarie’s Green Investment Group bought such a stake in 714MW East Anglia One. Octopus Energy bought a 10% stake from Green Investment Group earlier this year.
Iberdrola and Masdar signed an agreement in July to co-invest in the 1.4 GW East Anglia Three project. As a result of the transaction, each company will hold a 50% stake and have joint governance.
Now, Iberdrola is looking for a partner for the second phase of its UK offshore wind development. However, the process is in its infancy.
The company is supposed to start construction work on the project in 2026 or 2027. As in the other phases, the objective is to bring in a financial partner to take a 49% stake, allowing the company to increase its cash flow.
East Anglia Two will have 960MW of installed capacity created from 64 wind turbines.
