Spanish Iberdrola to sell 40% UK wind project stake for £1.6 billion

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Spanish Iberdrola to sell 40% UK wind project stake for £1.6 billion

Bilbao-based Iberdrola, the Spanish multinational electric utility company headquartered in Basque County, Spain, had reached an accord to sell 40 per cent stake of its UK-based offshore wind project, East Anglia One to Edinburg-based Green Investment Corp., a green infrastructure investment firm launched by UK government back in the 2012s, the Spanish energy firm told in a statement on Monday, the 12th of August 2019.

Besides, the Spanish multinational utility company with a workforce of more than 31,500 across the globe added in its Monday’s (August 12th) statement that under the terms of the deal, Iberdrola would receive £1.63 billion ($2 billion) for 40 per cent stake at its UK wind energy project.

Aside from that, following reveal of the deal later on Monday (August 12th), expressing a through-an-through optimism over UK government’s wind energy project, Green Investment Corporation, first of its kind in the world, industry analysts had been quoted saying that East Anglia One would likely to become one of the world’s largest wind energy firms with a capacity to generate more than 713 megawatts per day, enough to power more than 600,000 homes.

Although, both sides had agreed to the merger, transaction for the deal would still require authorization from the Crown State, said an Iberdrola official.