Allen and Overy has suggested Iberdrola on its settlement with Power Infrastructure Companions (EIP) for the sale of a 49% stake within the Wikinger offshore wind farm, which the corporate operates in german waters within the Baltic Sea, for €700 million.

Below the phrases of the transaction, the valuation of 100% of Wikinger quantities to roughly €1,425 million. Iberdrola, which can proceed to regulate and handle the asset, will present operation and upkeep and different company providers to the corporate.

EIP is a swiss infrastructure funding firm targeted on the worldwide power transition. Iberdrola has determined to companion with it due to its monitor file as a long-term shareholder within the sector and its expertise in infrastructure and renewable know-how.

Wikinger is the primary offshore wind farm that Iberdrola has developed alone. Since its entry into operation in 2018, with an put in capability of 350 megawatts (MW), it provides roughly 350,000 German households. By this deal, the spanish firm is making progress in fulfilling its asset rotation plan, which can allow the financing of latest renewable initiatives underneath improvement.

Allen and Overy advising workforce was shaped by the spanish workforce led by the companion, Íñigo del Val (pictured) and the affiliate, Nicolás Sierra and by the german workforce led by the companions, Nicolas Ascherfeld and Max Landshut and senior affiliate, Mortiz Meister.

Allen and Overy advises on Iberdrola’s deal with EIP

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