Iberdrola is to enter the Polish offshore wind market with an agreement to acquire a 50% stake in developer Sea Wind, which has a seven-project pipeline in early stages of development of up to 7300MW.
The Spanish energy company said the deal allows it to further enhance its strategy of geographical diversification in markets with favourable investment conditions, such as the A-credit-rated Poland.
The move also allows the company to position itself in the initial stage of development of the country’s offshore wind market, with significant growth potential in the coming decades.
Iberdrola said the transaction also promotes the creation of an offshore wind hub in the Baltic Sea which would act as the epicenter of offshore services and local content for the company’s projects in Germany, Poland and Sweden.
Both companies previously worked together in the development of the Baltic Eagle project off the German coast.
Iberdrola said the alliance with Sea Wind is in-line with its strategy to consolidate as the world’s largest renewable energy company and builds on previous transactions carried out in recent years in the offshore wind business.