Iberdrola enters Polish offshore wind market

The company has reached an agreement to acquire a 50% stake in developer Sea Wind, which has seven-project pipeline in the early stages of development, with a potential capacity of up to 7.3 GW.

The deal allows Iberdrola to further enhance its strategy of geographical diversification in markets with favourable investment conditions, such as the A-credit-rated Poland.

The move also allows the company to position itself in the initial stage of development of the country’s offshore wind market, with great growth potential in the coming decades.

Sea Wind has an experienced team in offshore wind development and indepth knowledge of the Polish market. Both companies previously worked together to develop the Baltic Eagle project off the German coast.

Poland has implemented a strategy to decarbonise its energy mix while boosting energy independence and has plans to install up to 8 GW of offshore wind capacity by 2030.

The Baltic has an offshore wind potential of 93 GW, 28 GW of which is in Polish waters.

Prior to the transaction with Sea Wind, the company had an offshore wind project pipeline of 20.2 GW.