August 12, 2019 / 8:07 AM / a month ago

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

The logo of Spanish utility company Iberdrola is seen outside its headquarters in Madrid, Spain, May 23, 2018. REUTERS/Sergio Perez

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 ($2 billion) 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 authorization from the Crown Estate.

($1 = 0.8290 pounds)

Reporting by Nina Chestney; Editing by David Holmes

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