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By Andrés González and Isla Binnie
LONDON (Reuters) – Abu Dhabi’s Masdar and the Canada Pension Plan Investment Board (CPPIB) are comparing binding offers for a 40% stake in Germany’s Iberdrola offshore wind farm as part of a deal that will put the allocation known as Wikinger at 1. 4 billion euros. a source familiar with the matter told Reuters.
Infrastructure budget InfraRed and EIP are also about to bid, he said.
Europe’s largest app is making calls with potential buyers of the wind farm’s minority stake, two resources said, and will be a winner in the coming weeks.
Iberdrola, InfraRed and EIP declined to comment, while Masdar and CPPIB will not be immediately reached for comment through Reuters’ outdoor business hours.
Iberdrola is betting on its wind advances to the investment budget to finance its 2020-2030 investment plan of 150,000 million euros, which is basically committed to renewable energy and power grids.
It sold 40% of a UK to Macquarie’s Green Investment Group in 2019.
Bank of America and Santander are managing the sale of Wikinger which they plan to close before the end of 2022.
Iberdrola expects to end the year with debt of €46 billion, above projected revenues of €44 billion. That calculation comes with any asset disposals, Chief Financial Officer Jose Sainz said last week.
Wikinger is a component of the so-called Baltic hub off the island of Rügen. When the site’s 3 wind farms are completed in 2026, they will have more than 1,100 MW of installed capacity.
One gigawatt is roughly equivalent to two coal-fired power plants. Iberdrola claims that Wikinger supplies the equivalent of the annual value of electricity consumption to some 350,000 households.
The Baltic Hub is expected to have a total of 3. 5 billion euros.
Taking advantage of harsh wind speeds at sea is key to many governments’ plans to move away from fossil fuels and dependence on imports, a pursuit that has become urgent in Europe since the top Russian manufacturer invaded Ukraine.
Iberdrola has 1,258 MW offshore in operation and 5,500 MW under construction, and estimates that it will have invested around 30,000 million euros internationally in wind turbines planted on windy coasts until 2030.
(Reporting through Andrés González, editing through Nick Macfie)