The Diplomat
Iberdrola has closed the sale to Masdar, a renewable energy group from the Emirate of Abu Dhabi, of a 49% minority stake in the company that owns the 476 megawatt (MW) Baltic Eagle offshore wind farm, located in German waters of the Baltic Sea, the company informed the Spanish Securities and Exchange Commission (CNMV).
The sale, whose agreement was reached last July, has been closed, under the agreed terms, after the buyer obtained the required regulatory authorisations.
Specifically, according to the terms of the transaction, the price to be paid at the closing of the transaction, which was subject to possible adjustments customary in this type of transaction, was approximately 375 million euros, which represented an implicit valuation of 100% of the wind farm, once its construction was completed, of approximately 1,630 million euros in terms of equity value.
Masdar will contribute, in proportion to its equity stake in Baltic Eagle, to the construction costs of the park until its completion, reports Europa Press.
Baltic Eagle, which is scheduled to be operational by the end of 2024, has a minimum regulated tariff of EUR 64.6 per megawatt hour (MWh) for the first 20 years. In addition, it has already sold 100% of its production under long-term contracts.
Iberdrola closes a deal with Masdar that brings a partner into its projects, as it has already done with others. The group chaired by Ignacio Sánchez Galán will control and manage the assets, providing operation and maintenance services and other corporate services.
The energy company has entered into several long-term alliances to boost the decarbonisation of the economy, such as the strategic alliance with GIC for the expansion of transmission networks in Brazil for 430 million euros.
It also agreed with Norges Bank Investment Management to co-invest in 1,265 MW of new renewable capacity in Spain and sold 60% of its business in Mexico, mainly combined cycle gas plants, for 6,000 million dollars.
It also signed an alliance with Energy Infrastructure Partners to co-invest in the Wikinger offshore wind farm and boost its offshore wind portfolio, among others.
