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Iberdrola has welcomed Japan’s Kansai Electric Power Company as a co-investor in its Windanker offshore wind project, currently under construction in the German Baltic Sea. Kansai will acquire a 49% stake in the project, with Iberdrola retaining a controlling 51% share. The Windanker wind farm, with an installed capacity of 315 MW, is scheduled to become operational in late 2026, positioning itself as a key renewable energy asset in the region. “This operation will allow us to accelerate our growth in offshore wind with a strategic partner like Kansai. The Windanker wind farm, whose energy is already sold to industrial customers on a long-term basis, demonstrates the potential of renewables to promote the industrialization of Europe with indigenous, clean, and competitive energy,” said Iberdrola’s president, Ignacio Galán.
The partnership values the project at €1.28 billion, equating to €4.1 million per MW and 13.5 times its EBITDA. Iberdrola will manage the asset, overseeing construction, operations, maintenance, and corporate services. This agreement strengthens the companies’ ongoing collaboration, building on Kansai’s 12% stake in Electricity North West (ENW), which Iberdrola acquired earlier. It also supports Iberdrola’s asset rotation strategy, advancing growth in high-credit-quality markets while reinforcing its financial position. The wind farm, comprising 21 turbines with 15 MW unit power, has secured long-term contracts for its entire output.
