MADRID (Reuters) – Spain’s largest power company Iberdrola said on Friday it agreed to buy a majority stake in a portfolio of offshore wind farm projects currently developed by Irish renewable energy company DP Energy.
The portfolio includes projects off Ireland for an overall potential capacity as high as 3 gigawatts (GW) and they will be eligible for forthcoming auctions between 2025 and 2030, Iberdrola said.
“The transaction allows Iberdrola to further enhance its geographic diversification, as the company continues with its strategy to grow in markets with a favourable investment environment,” the company added in a statement.
Iberdrola, whose shares inched up less than 0.1% in trading on Friday, did not disclose how much it paid for the stake in the projects.
Last November, Iberdrola said it would invest 75 billion euros ($89.72 billion) in renewable energy production, grids and retail operations by 2025.
Iberdrola’s offshore wind portfolio includes projects off Germany, England, the United States and France.
($1 = 0.8360 euros)
Reporting by Inti Landauro; Editing by Andrew Cawthorne