Iberdrola made a big move into Poland’s offshore wind market with a deal to acquire 50% of a potential 7.3GW pipeline.

The Spanish renewable energy giant agreed to take a half stake in developer Sea Wind, which has a seven-project early-stage pipeline in Poland, widely seen as among the world’s most promising new offshore wind markets.

Iberdrola said the deal gives it an early foothold in the Polish market, and signals the creation of a ‘Baltic hub’ of suppliers and services to support its burgeoning activities in the region that now includes Germany, Sweden and Poland. Financial terms were not disclosed.

The company entered the Swedish market earlier this year, also in conjunction with a local developer, in a deal that gave it the option to take control of a potential 9GW of projects.

A Polish entry was previously explored when Iberdrola entered talks with utility Enea, but those negotiations stalled in September.

Iberdrola said Sea Wind “has an experienced team in offshore wind development and in-depth knowledge of the Polish market”. The companies had previously worked together in the development of the Baltic Eagle project off the German coast.

The council of ministers in Warsaw – the Polish cabinet –recently approved a long-awaited Offshore Wind Act, which the government expects to pass in parliament at the beginning of next year.

As in a draft presented earlier this year, the legislation contains a 5.9GW target for wind at sea by 2030, and an 8-11GW target corridor for 2040.

The investment in Sea Wind continues a frantic 2020 of deals for Iberdrola, which has made no secret of its ambitions to reinforce its status as a global energy transition leader.

As well as the Swedish investment the Spanish group has bought Australian renewables group Infigen and French developer Aalto Power, entered the offshore wind sector in Japan, and acquired US utility PNM Resources.

Wind

Iberdrola blasts into Poland with half share of 7.3GW offshore wind pipeline