Iberdrola and Kansai Strengthen Ties Through Offshore Wind Project Investment
Iberdrola, one of the leading players in renewable energy, has finalized an agreement with the Japanese company Kansai to form a partnership on the Windanker offshore wind farm project currently under construction. The deal, which involves Kansai taking a 49% stake, values the entire project at approximately €1.28 billion. The Spanish energy giant will retain control with 51% ownership, ensuring its dominance over the governance and operational aspects of the Windanker venture.
Located in the German Baltic Sea, the Windanker wind farm is expected to have an installed capacity of 315 megawatts and is projected to begin operations by the end of 2026. This project is noteworthy not only due to its scale but also because it highlights the growing international collaboration within the renewable energy sector.
“This transaction will allow us to accelerate our growth in offshore wind with a strategic partner like Kansai,” stated Ignacio Galán, chairman of Iberdrola. “The Windanker project, with its energy already sold to industrial customers through long-term contracts, demonstrates the potential of renewable energies to promote Europe’s industrialization with clean, local, and competitive energy.”
Iberdrola has established itself as a leader in offshore wind energy, currently boasting 2,400 MW of capacity and aiming for 4,800 MW by the end of 2026. The company’s portfolio already includes four operational offshore wind farms located between France and the United Kingdom, as well as four additional farms under construction.
The investment spree doesn’t stop with Windanker. The company has plans for numerous projects, with total investments scaling up to €15 billion across various operational and upcoming undertakings.
On another front, CNOOC Ltd, the Chinese oil giant, has made headlines by divesting its American assets to INEOS, the British chemicals group. This $2 billion transaction includes upstream oil and gas properties located primarily within the Gulf of Mexico, such as shares in the Appomattox and Stampede fields.
Liu Yongjie, president of CNOOC International, remarked, “The company aims to optimize its global asset portfolio and will work with INEOS for a smooth transition.” This agreement was part of CNOOC's strategic shift, as the company has been exploring potential buyers for its American interests since 2022, driven partly by geopolitical tensions and concerns over sanctions stemming from China’s foreign policy.
Finally, the Caisse de dépôt et placement du Québec (CDPQ), another significant player on the asset market front, continues to make waves with its physical asset strategy. Recently, CDPQ has been involved with major transactions, showcasing its commitment to the industrial sector via its minority stake acquisition through Pure Industrial.
Rana Ghorayeb, the new executive vice-president and head of real estate at CDPQ, noted, “This industrial segment remains very important within our asset distribution,” referring to the sale of six industrial buildings valued around $149.7 million to the Alberta Investment Management Corporation.
Ghorayeb also highlighted CDPQ’s strategic repositioning within the real estate market, noting, “Since 2020, we have executed over 300 transactions amounting to nearly $50 billion.” This includes significantly increasing their exposure to growing sectors like industrial and residential real estate, and even reducing holdings within commercial and office spaces.
The multifaceted asset management maneuvers reflect not just adaptive strategies within these companies but also indicate broader trends affecting global markets—factors such as renewable energy emphasis, geopolitical tensions influencing divestitures, and the real estate sector’s evolution post-pandemic.
With Iberdrola's strategic partnerships, CNOOC's divestiture, and CDPQ's adaptive strategies, these significant transactions reveal key trends and activities enveloping global asset market dynamics.
