Spanish energy company Iberdrola is preparing to sell a 49% stake in its 960-megawatt East Anglia 2 offshore wind farm in the UK North Sea, according to a report by Spanish business newspaper Cinco Dias.
The developer has appointed Bank of America and BBVA as financial advisors for the transaction, while A&O Shearman is reportedly acting as legal counsel, sources familiar with the deal told the publication.
Investors based in Abu Dhabi have expressed interest in acquiring the stake, continuing Iberdrola’s approach of reducing ownership in large offshore wind projects to recycle capital.
The East Anglia 2 project, developed by Iberdrola’s subsidiary ScottishPower Renewables, is expected to be operational by 2028. It forms part of the East Anglia hub, which also includes the adjacent East Anglia 3 site with 1.4 gigawatts of capacity, in which Abu Dhabi-based Masdar holds a 50% stake.
The sale aligns with Iberdrola’s broader strategy of farming down stakes in its offshore wind portfolio to unlock investment for future development.
The transaction remains subject to regulatory approvals and final agreements, with details yet to be confirmed.
