Iberdrola seeks partner for UK offshore wind project

Iberdrola is seeking a partner for its East Anglia Two offshore wind project in the North Sea, planning to sell up to a 49% stake in the development. The project is valued at approximately 5 billion euros.

Bank of America and BBVA are serving as financial advisors for the transaction. The company intends to approach major infrastructure, sovereign, and pension funds, with the process expected to begin in the coming weeks. The deal could take around 18 months to close.

East Anglia Two is owned by ScottishPower, Iberdrola’s UK subsidiary. Once completed, the wind farm is expected to have a capacity of up to 960 megawatts (MW), capable of powering roughly 950,000 homes. The project is on track to become operational in 2028 and is estimated to contribute nearly 5% of the United Kingdom’s 2030 offshore wind deployment target.