Spanish energy group Iberdrola has signed a strategic agreement with Japan’s Kansai Electric Power to co-invest in the 315-megawatt Windanker offshore wind farm, located in the Baltic Sea off the German coast.
Under the terms of the agreement, the total valuation of the Windanker project stands at approximately €1.28 billion. Iberdrola will retain a majority stake of 51% and maintain control of the asset, managing its operations and providing maintenance and corporate services. Kansai, which has held a 49% financial interest in the project since December 2024, will continue as a minority partner.
The transaction is subject to regulatory approvals. Once completed, the Windanker project will feature 21 turbines of 15 MW each and is expected to be operational by the final quarter of 2026. The project has already secured long-term contracts for 100% of its output.
“The expansion of our strategic alliance aims to accelerate electrification globally,” said Ignacio Galán, chairman of Iberdrola, following a February meeting with Kansai executive vice president Toru Kuwahara. The companies stated that their collaboration would include further investment in renewable energy and power grid infrastructure across multiple markets.
The Windanker partnership builds on Iberdrola’s broader strategy to expand its offshore wind footprint. The company has also formed an alliance with Energy Infrastructure Partners to jointly invest in the Wikinger offshore wind farm, located in the same region.
In addition to offshore wind, Iberdrola and Kansai are co-investors in Electricity North West (ENW), a UK-based electricity distribution firm. Iberdrola acquired an 88% stake in ENW in October, while a consortium led by Kansai holds the remaining 12%.
The agreement underscores Iberdrola’s commitment to international partnerships in renewable energy as it works toward meeting clean energy targets and diversifying its portfolio.
