Spanish multinational electric utility company Iberdrola has reinforced its commitment to offshore wind with an agreement in Poland.
Iberdrola has acquired a 50% stake in Polish offshore wind energy projects developer Sea Wind.
Sea Wind has a seven-project pipeline in the early stages of development, with a potential capacity up to 7.3GW.
Poland is a new market for Iberdrola, which the firm expects will help it to grow its renewable energy business.
The acquisition allows Iberdrola to further enhance its strategy of geographical diversification in markets with favorable 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.
Iberdrola already operates offshore wind farms in the UK and Germany, is working on new developments in the UK, US, France, Japan and Sweden and has a project pipeline of over 20GW
The deal will enable Iberdrola to promote the creation of an offshore wind hub in the Baltic Sea which would act as the epicenter of offshore services and local content for the company’s projects in Germany, Poland and Sweden.
Poland has implemented a strategy to decarbonize its energy mix while boosting energy independence and has plans to install up to 8GW of offshore wind capacity by 2030.
The Baltic Sea has an offshore wind power potential of 93GW, of which 28GW are in Polish waters.