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Iberdrola Sells to GIG 40% Of Its East Anglia One offshore wind farm

Power News - Published on Wed, 14 Aug 2019

Image Source: Iberdrola
Iberdrola has signed an agreement with the Green Investment Group of the Macquarie group, for the sale of a 40% stake in the East Anglia One offshore wind farm , which the company builds in British waters of the North Sea. This operation implies, therefore, the entry of a new partner in this renewable installation, in which Iberdrola will maintain a majority participation of 60%.According to the terms of the operation, the valuation for 100% of EAO amounts to about 4,100 million pounds sterling and, by the time the park goes into operation in 2020, Iberdrola will have received around 1,630 million pounds sterling for 40%. This amount will be used to finance the organic growth of the group, contemplated in its 2018-2022 Strategic Perspectives.

The closing of the transaction is pending the usual authorization by The Crown State.

EAO is one of Iberdrola's most relevant projects under development and the largest renewable project ever developed by a Spanish company. When it enters into operation in 2020, the park will be the largest in the world, with an installed capacity of 714 MW, with which it will supply 600,000 British homes with clean energy.

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Posted By : Ratan Singh on Wed, 14 Aug 2019
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