Iberdrola has given entry to the Japanese electric company, Kansai, into its Windanker offshore wind project, which is already under construction. The Japanese electric company will co-invest in the asset, reaching a 49% stake, while Iberdrola will retain control with the remaining 51%.

The Windanker offshore wind farm, located in the German Baltic Sea, will have an installed capacity of 315 MW and will be operational in 4Q26.

The operation values 100% of the offshore wind farm at €1.28 billion, which implies a multiple of €4.1 million/MW and 13.5 times EBITDA. Iberdrola will control and manage the assets, providing construction, operation, maintenance, and other corporate services.

The agreement strengthens the relationship between the two companies, following Iberdrola's acquisition of Electricity North West (ENW), where Kansai holds a 12% stake, and allows Iberdrola to advance its alliance and asset rotation plan, accelerating its growth in high-credit-quality countries while consolidating its financial strength.

The Windanker wind farm will feature 21 wind turbines with a unit power of 15 MW and has already sold 100% of its production through long-term contracts.

“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 industrialisation of Europe with indigenous, clean, and competitive energy,” said Iberdrola's President, Ignacio Galán.