Japanese utility Kansai Electric Power has signed a share purchase agreement to acquire a 49% stake in Iberdrola’s 315MW Windanker offshore wind farm located in Germany.
Being developed in the Baltic Sea, the German offshore wind facility is valued at €1.28bn. The project will feature 21 bottom-fixed offshore wind turbines with a unit power of 15MW.
Iberdrola will retain a 51% controlling stake in the Windanker project, overseeing construction, operation, maintenance and other corporate services.
The Spanish energy company has already secured long-term contracts for 100% of the Windanker offshore wind farm’s clean energy.
The installation of the foundations at the offshore wind project is set to commence in July 2025, with the interconnection cables scheduled for installation starting in December.
Van Oord will oversee the transportation and installation of the monopile foundations and interconnecting cables.
Commercial operations at the Windanker project are expected to commence in the final quarter of 2026.
The agreement deepens the partnership between the two companies, building on Iberdrola’s acquisition of Electricity North West (ENW), in which Kansai Electric Power holds a 12% stake.
It also supports Iberdrola’s strategy to advance its alliance and asset rotation initiatives, enabling growth in high-credit-quality markets while reinforcing its financial stability.
Iberdrola president, Ignacio Galán said: “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.”
The new investment will bring Kansai Electric Power’s total generation capacity to about 3GW. The company plans to leverage insights from the project to expand offshore wind initiatives in Japan.
Kansai Electric Power also aims to pursue additional renewable energy collaborations with Iberdrola globally.
The transaction is subject to approval by German authorities.
