Iberdrola and Kansai Electric Power Company have finalized a $1.45 billion partnership to develop the 315MW Windanker offshore wind farm in the Baltic Sea. Spanish utility Iberdrola will hold a 51% majority stake and will oversee asset management, operations, and maintenance.

The project will feature 21 offshore turbines, each with a capacity of 15MW, and is expected to be fully operational in the last quarter of 2026. Once online, it will generate enough renewable energy to supply approximately 315,000 homes.

Windanker has already secured long-term power purchase agreements covering 100% of its output, providing a predictable revenue stream and reinforcing the project's financial viability.

The investment marks Iberdrola's third major offshore wind project in Germany, underscoring its continued push into European renewables. The project received approval earlier this month from the German Federal Maritime and Hydrographic Agency, clearing the way for construction.

Kansai Electric, Japan's second-largest electricity provider, is expanding its international renewables portfolio through this deal. The companies are also partners in Electricity North West, a UK-based grid operator, where Iberdrola holds 88% and Kansai holds 12%.

The investment follows a prior announcement by Ignacio Galán, Iberdrola Chairman, and Toru Kuwahara, Kansai Executive Vice President, outlining plans to expand their collaboration on clean energy and electrification projects globally.

Source: finance.yahoo.com