Iberdrola reinforces its offshore wind strategy with the entry into the Polish market

Commits to consolidating itself as the largest renewable company in the world

The operation allows it to advance its geographical diversification in favorable markets for investment and create a Baltic hub along with projects in Germany and Sweden.

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Iberdrola reinforces your bet on offshore wind with the entry into a new market, Poland, as a new growth platform for its expansion strategy in renewables.

 

The company has reached an agreement to acquire 50% of the promoter Sea Wind, which has a portfolio of seven offshore projects in the initial phase, with a potential capacity of up to 7,3 GW. The operation allows Iberdrola to advance its geographic diversification strategy in markets with a favorable investment environment - Poland's A rating - and position itself in the initial stage of development of the country's offshore wind market, with great growth potential in the next decades.

 

Iberdrola With this transaction, it also promotes the creation of a hub in the Baltic Sea, which would act as the epicenter of offshore services and local content for the company's projects in the axis Germany, Poland and Sweden. 

 

The agreement between Iberdrola and Sea Wind It foresees the construction of a solid alliance, open to the incorporation of Polish partners. Sea Wind has a team experienced in the development of offshore projects and a deep knowledge of the Polish market. Iberdrola and this wind developer have already worked together on the development of the project Baltic Eagle, in Germany.

 

 

The size of the Polish offshore market and the geographical location within the Baltic Sea allow Iberdrola to commit technical and financial capabilities with a long-term vision, aligned with the country's energy plans.

 

 

Poland has implemented a strategy to decarbonize its energy mix and promote its energy independence and has announced up to 8 GW of installed offshore capacity by 2030. The Baltic Sea has an offshore wind energy potential of 93 GW and 28 GW of this is in Polish waters.

The alliance with Sea Wind It is aligned with Iberdrola's strategy to consolidate itself as the largest renewable company in the world and joins other transactions carried out by the company in recent years in the offshore wind segment.

 

These operations have allowed the development of parks in the B seaGerman Altic (Wikinger and Baltic Eagle), at the North Sea (East Anglia ONE), Irish Sea (West of Duddon Sands), the coast of Massachusetts (Vineyard Wind), French (Saint Brieuc) and, more recently, access to early stage capacities of 9 GW in Sweden and more than 3 GW in Japan.

 

Until now, and before this latest transaction, the company had a portfolio of offshore wind projects of 20,2 GW. With this alliance in Poland, Iberdrola is carrying out its tenth corporate operation so far this year, despite the challenges derived from the COVID-19 contamination. 

 

To offshore wind transactions in Fstale, Sweden and Japan the acquisition of the French renewable energy company Aalto Power is added; the agreements to develop 165 MW onshore wind in Scotland and 400 MW in Brazil; reinforcement of up to 100% of the offshore wind project Saint Brieuc; the purchase of Infigen Energy -which made it one of the leading operators in the Australian renewable energy market-; that of PNM Resources -electric company in New Mexico and Texas– and, more recently, the acquisition of the Brazilian distributor of Brasilia CEB-D.