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Iberdrola to sell 40% stake in UK wind project for £1.6 billion

Iberdrola to sell 40% stake in UK wind project for £1.6 billion
FILE PHOTO: The logo of Spanish utility company Iberdrola is seen outside its headquarters in Madrid, Spain, May 23, 2018. REUTERS/Sergio Perez -
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LONDON (Reuters) – Spanish energy firm Iberdrola <IBE.MC> has agreed to sell a 40% share in British offshore wind project East Anglia One to the Green Investment Group, it said on Monday.

Iberdrola will receive 1.63 billion pounds for the 40% stake, it said.

When East Anglia One is operational in 2020 it will be one of the world’s largest wind farms, with a capacity of 714 megawatts or enough power 600,000 homes.

The Green Investment Group is part of the Macquarie group <MOG.AX>.

The completion of the transaction is subject to authorisation from the Crown Estate.

(Reporting by Nina Chestney; Editing by David Holmes)

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