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Iberdrola inks £1.63B deal to offload 40% stake in UK offshore wind farm

Iberdrola SA subsidiary ScottishPower Renewables (UK) Ltd. has reached a deal to sell a 40% interest in the East Anglia One offshore wind project in the U.K. to Macquarie Group Ltd.'s Green Investment Group Ltd. for £1.63 billion, or about €1.75 billion.

The entire 714-MW offshore wind farm in the British North Sea is valued at £4.1 billion upon its completion in 2020, according to an Aug. 12 news release.

ScottishPower Renewables will maintain control of the project with a 60% stake, and will continue providing the services necessary for its construction, operation and maintenance. The deal is subject to approval from the Crown Estate.

Iberdrola plans to use the proceeds to pursue its organic growth plans.