EIP to invest in second German offshore wind farm, Iberdrola’s Wikinger
- Energy Infrastructure Partners reaches agreement to acquire 49% stake in Iberdrola offshore wind farm with 350 megawatts of capacity in the Baltic Sea
- Agreement builds on EIP expertise in offshore wind and further increases access to Germany’s highly attractive feed-in tariff regime across client portfolios
ZURICH, September 14, 2022 — Energy Infrastructure Partners, a leading infrastructure investor focused on the global energy transition, has reached an agreement on behalf of its clients to take a 49% stake in Iberdrola S.A.’s Wikinger offshore wind farm.
Wikinger operates under Germany’s feed-in tariff regime, which the country launched to spur clean energy investments and has since closed to new projects. The scheme offers a guaranteed price for all electricity produced by the Wikinger wind farm through 2037.
Unlike other fixed-price offtake arrangements, the wind farm and other assets in the scheme can sell the power they produce at market prices whenever they exceed the tariff.
Partnership with global leader in the renewable energy movement
Iberdrola entered the German market by building Wikinger, which began operations in 2018. Germany has since become a focus market for the Spanish multinational, which has built more than two decades of experience in renewable energy and is on track to amass 60 gigawatts of installed carbon-free generation capacity globally by 2025. Iberdrola will remain Wikinger’s majority shareholder and continue providing operation and maintenance services.
“Opportunities to join global leaders like Iberdrola as investment partners in a wind farm of this caliber – and with access to one of the most attractive regulatory schemes in the world – do not come around that often,” said Roland Dörig, EIP’s co-founder and managing partner. “It’s an especially proud day for our investors and another important moment in our growth story.”
Leveraging expertise in offshore wind
“It’s an honor to partner with Iberdrola, a pioneer and undisputed leader in the offshore wind industry,” said Peter Schümers, EIP’s co-head of Investments. “Adding a second offshore wind farm in the Baltic Sea allows us to continue leveraging our expertise with this technology while enhancing diversification across our clients’ portfolios.”
Since it entered operation, Wikinger’s 70 turbines have contributed 350 megawatts in capacity of carbon-free electricity to Germany’s green energy ambitions, enough to power about 350,000 German homes, according to an Iberdrola analysis.
EIP manages a stake in the adjacent Arkona wind farm with 378 megawatts of capacity in partnership with RWE AG following a 2020 investment.
About Energy Infrastructure Partners AG
Energy Infrastructure Partners AG is a Switzerland-based manager of collective assets focused on long-term equity investments in high-quality, large-scale renewables and system-critical energy infrastructure assets. Our strategy and investment horizon align with the lifetime of the underlying assets and generate visible cash flows. With over CHF 5 billion under management, EIP leverages an extensive industry network, broad transaction experience and partnerships with leading energy companies and the public sector to develop and manage investment solutions for institutional investors globally. EIP’s investor base includes pension funds, insurance companies and large family offices, who are increasingly interested in contributing to security of the energy supply as a pathway to create positive economic, ecological and social developments, and whose long-term funding needs closely match the energy infrastructure asset class.