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Iberdrola to sell 40% stake in UK wind project for £4.1 billion

Christian Fernsby |
Iberdrola has entered into an agreement with Green Investment Group (GIG), part of the Macquarie group, to sell a 40% share in East Anglia One (EAO), the offshore wind project that the company is building in the British North Sea.

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Topics: IBERDROLA    WIND    UK   

This will bring a new shareholder into the project, of which Iberdrola will maintain a 60% majority shareholding.According to transaction terms and conditions the entire value of EAO amounts to £4.1 billion and when the wind farm is operational in 2020, Iberdrola will receive £1.63 billion (about €1.75 billion [1]) for the 40% stake.

These funds will be allocated to the Group's organic growth plans referred to in the 2018-2022 Strategic Plan.The completion of the transaction is subject to the standard authorisation from the Crown Estate.EAO is the largest renewable project ever undertaken by a Spanish company.

Once commissioned in 2020, it will be one of the world's largest wind farms, with an installed capacity of 714 MW, supplying 600,000 British homes with clean energy.

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