Iberdrola has announced that it is partnering with Kansai Electric on an offshore wind project. The deal will witness Kansai co-invest and buy a 49% stake in the Windanker offshore wind farm, according to the announcement.
Windanker Offshore Wind Farm Overview
The German Baltic Sea Windanker offshore wind farm might play a crucial role in Iberdrola’s renewable energy strategy. The construction for the project has started and the capacity is expected to be in the range of 315 megawatts (MW). The fourth quarter of 2026 is when operations are scheduled to start.
Financials and Structure
The offshore wind project is expected to cost €4.1 million per MW and the total estimated value of the project rests at €1.28 billion. The wind farm will feature 21 wind turbines, each with a 15 MW capacity. Clients have already secured the energy produced by the wind far through long term contracts.
Also read: Iberdrola to Build Portugal’s Largest Wind Farm
The Spanish energy giant will utilise its epertise in managing offshore winf farms to oversee the development of the project, operations and the maintenance.
Ties with Kansai Electric
The collaboration builds upon the existing relationship between the two firms. Both of them have come together in the past through the acquisition of Electricity North West (ENW) by Iberdrola.
The partnership will aid Iberdrola to move forward with its asset rotation strategy and accelerate is renewable energy expansion.
Also read: Iberdrola Launches Green Bond in Australia
Iberdrola’s Commitment
As of now, the energy giant currently operates a capacity of 2,400 MW offshore wind power. The company plans to reach 4,800 MW by the end of 2026. In addition to Windanker, Iberdrola has projects building four other offshore wind farms including Baltic Eagle, Germany and Vineyard Wind One in the US; Britain West of Duddon Sands in the Irish Sea UK Iberdrola, French Saint Brieuc in Brittany France and Windanker are expected to be operational around 2023.