Iberdrola sells 49% stake in Baltic Eagle wind farm to Abu Dhabi's Masdar | Reuters
Spanish utility Iberdrola (IBE.MC) has sold a 49% stake in its 476 megawatt (MW) offshore wind farm in German waters in the Baltic Sea to Abu Dhabi's Masdar for about 375 million euros ($414.5 million), it said on Wednesday.
Iberdrola said that the deal pegged the total value of the Baltic Eagle project - which is set to have 50 wind turbines off Germany's northeastern coast once they are built and ready to operate - at about 1.6 billion euros. Masdar will contribute proportionally to its stake to develop the project.
The Spanish power giant "will control and manage the asset, providing operation and maintenance services and other corporate services" by retaining a 51% majority stake, it added.
The deal is part of Iberdrola's strategy to sell stakes in its wind developments to raise cash to finance its 150 billion-euro 2020-2030 investment plan, mostly devoted to renewables and power grids.
Masdar is a renewable energy company that is 43% owned by Abu Dhabi energy and utility firm Taqa (TAQA.AD), 33% by sovereign wealth fund Mubadala and 24% by state oil giant ADNOC.
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