Deals
Iberdrola Sells U.K. Offshore Wind Farm Stake for $2 Billion
- Spanish group sells 40% of East Anglia One to Macquarie unit
- Deal values the project off U.K.’s east coast at $4.9 billion
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Spanish utility Iberdrola SA is selling a stake in a U.K. offshore wind farm to a unit of Macquarie Group Ltd. for 1.63 billion pounds ($1.96 billion) in a deal that highlights the widening appeal of renewable assets.
Institutional investors are becoming more inclined to invest earlier in large offshore wind projects for the steady income from long-term power purchase agreements. For Iberdrola, the 40% stake sale in what’s expected to be world’s largest offshore wind farm will help it meet its target of delivering 10 gigawatts of offshore wind over the next few years.