Iberdrola mulls sale of 40% stake in Wikinger offshore wind farm - report

26/03/2020 09:15 Renewable


Iberdrola SA is looking to sell a stake of around 40% in the 350-MW Wikinger offshore wind farm in the Baltic Sea, Spanish business newspaper Expansion has reported citing sources close to the transaction.

The asking price is said to be over EUR 1 billion (USD 1.08bn), the sources say, and the Spanish utility group has hired JPMorgan Chase & Co to sound out investor interest.


Large pension, infrastructure and sovereign funds are being probed in search of financial partners that are not interested in exerting influence on the wind farm management and are looking for assets with long-term and stable returns, Expansion writes.


Iberdrola intended to close the transaction before summer and wanted to start receiving first non-binding offers at the end of March.


However, some investment banks that are working with potential interested parties say that the process would need to be delayed in light of the coronavirus crisis.


While the current recession could do little to change Wikinger's valuation, potential buyers could face problems finding attractive financing at this time, according to Expansion.


A spokesperson for Iberdrola declined to comment on Expansion’s report.


Located off the German island of Ruegen, the Wikinger wind farm was commissioned in 2018. Iberdrola invested EUR 1.4 billion in the project.

Source: renewablesnow.com

Britain's largest solar farm poised to begin development in Kent

25/05/2020 10:55:00

Britain’s largest solar farm, capable of generating enough clean electricity to power 91,000 homes, is poised to receive the greenlight from ministers this week.


Russian state holding gives up control of Rosneft after Venezuela exit

25/05/2020 10:51:00

Russia’s state holding company Rosneftegaz has relinquished its controlling stake in the country’s largest oil producer, Rosneft, Rosneft said on Friday, after Rosneft’s exit from Venezuela.


Ofgem cuts cost of Hinkley Point C grid link by £60 million

25/05/2020 10:46:00

The move will save UK consumers money on their bills over the 45-year cost period.