Iberdrola Sells Stake in UK Wind Farm to Macquarie in Deal Worth Almost $2 Billion
August 12 2019 - 2:18AM
Dow Jones News
By Cristina Roca
Spain's Iberdrola SA (IBE.MC) said Monday that it has agreed to
sell 40% in a U.K. offshore wind farm project to a Macquarie Group
Ltd. (MQG.AU) company for a consideration of 1.63 billion pounds
($1.96 billion).
The Iberian energy company said its Scottish renewables
subsidiary, ScottishPower Renewables (UK) Ltd., or SPRUK, will sell
a 40% stake in East Anglia One, the owner of the project, to Bilbao
Offshore Holding Ltd., which belongs to the Macquarie Group.
The project will be the largest offshore wind farm in the world
once it starts running in 2020, said Santander CIB, Banco
Santander's SA (SAN.MC) investment banking unit, which acted as
Iberdrola's advisor.
The deal values East Anglia One at around GBP4.1 billion,
Iberdrola said. Iberdrola said its SPRUK subsidiary will maintain
control of the company and will keep providing the necessary
services to construct and keep the project runing as needed.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
August 12, 2019 02:03 ET (06:03 GMT)
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