Iberdrola busca nuevo socio para su eólica en Reino Unido

Iberdrola is set to initiate the search for a potential partner to acquire up to a 49% stake in East Anglia Two, a significant offshore wind project in the UK North Sea, according to market sources. The project, valued at around €5 billion, is one of several renewable energy ventures expected to be announced later this year, with a total investment of approximately £4 billion (£4.7 billion).

Bank of America and BBVA are advising Iberdrola on the transaction, with interested parties expected to include major infrastructure funds, sovereign wealth funds, and pension funds. Iberdrola has declined to comment on the matter. This move is part of the Spanish energy giant's strategy to seek partnerships with reputable partners for their flagship projects, which offer attractive and stable returns for investors over a long period.

Iberdrola has previously collaborated with various institutions, such as Norges Bank Investment Management, Masdar, GIC, EIP, Kansai Electric, Mapfre, and Macquarie. East Anglia Two, despite its name, will be the third of four projects developed in East Anglia, owned entirely by ScottishPower, a subsidiary of Iberdrola in the UK.

The project is currently under construction and is expected to come online in 2028, generating enough renewable energy to power approximately 950,000 homes. The project's financial burden will be alleviated by the addition of a partner, with the transaction expected to be completed within one and a half years. The inclusion of a minority partner will also help strengthen Iberdrola's balance sheet following its acquisition of Caruna, Finland's largest distribution company, for about €5 billion in July.

The sale of a minority stake in East Anglia Two will also help Iberdrola bolster its balance sheet following the acquisition of Caruna, Finland's largest distribution company, for around €5 billion in July. The company's recent divestitures include selling its Mexican business to Cox for $4 billion (£3.5 billion) in spring, allowing Iberdrola to increase its exposure to markets like the UK, where it acquired ENW, and the United States, where it acquired an 18.4% stake in Avangrid to avoid a stock market listing.

These partnerships and acquisitions reflect Iberdrola's strategy of maintaining industrial control over assets while incorporating financial and strategic partners to recycle capital and finance growth.