Spanish electric utility company Iberdrola has signed an agreement to sell a 49% stake in the Wikinger offshore wind farm in Germany to Swiss infrastructure investment company Energy Infrastructure Partners or EIP.
The deal is valued at around €700 million ($700 million).
The company plans to maintain a majority stake of 51% in its first operational offshore wind farm in Germany, and will continue to control and manage the asset.
As per the deal, Wikinger's total valuation amounts to around €1.425 billion.
Wikinger, with an installed capacity of 350 megawatts (MW), has been supplying energy to around 350,000 German households since it was commissioned in 2018.
According to Iberdrola, the sale further advances its asset rotation plan to finance new renewable projects under development.
The company strengthens its offshore wind leadership with 3,000 MW under construction, 4,000 MW secured and a large pipeline of projects under development.
In Germany, the company has started construction of 476-MW Baltic Eagle project in the Baltic Sea.
Next year, construction will begin on Windanker, which will have a capacity of with 308 MW.
These new wind farms will be joined by Saint-Brieuc, in French waters, which is expected to come into operation in 2023.
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