Iberdrola
About
A Spanish utility group, based in Bilbao, whose businesses are regulated networks, generation and retail supply, reported across Spain, the UK, the US, Brazil and an international arm centred on Germany, France and Australia. Networks are the priority: the group names them its key investment destination, and more than two-thirds of its investment in the year to June 2026 went to them. It runs the UK, US and Brazil through subsidiaries (ScottishPower, Avangrid, Neoenergia), owning the last two outright since buying out their minority shareholders in December 2024 and May 2026. Offshore wind follows that map: East Anglia in the UK, Vineyard Wind 1 in the US, and farms in France and Germany; in Germany it holds 51%, with a different partner on each project.
Outlook
as of 2026-10Portfolio
8 held · live stages first, exits lastCapacity is net of ownership stake: a 50% JV counts half. Gross exposure (full nameplate of every project held): 2.68 GW.
| Project | Country | Stage | MW | Stake | Net MW |
|---|---|---|---|---|---|
| Saint-Brieuc | France | Operational | 496 | 100% | 496 |
| Baltic Eagle↓ farmed down | Germany | Operational | 476 | 51% | 243 |
| Wikinger↓ farmed down | Germany | Operational | 350 | 51% | 179 |
| Windanker↓ farmed down | Germany | Under Construction | 315 | 51% | 161 |
| Wikinger Sud | Germany | Early Development | 10 | 100% | 10 |
| San Borondon | Spain | Proposed | 238 | 100% | 238 |
| New England Wind 1 | United States | On Hold | 791 | 100% | 791 |
| Inis Ealga Marine Energy Park | Ireland | Cancelled | 1000 | 50% | 500 |
Divested & farmed down
every recorded sale by this developer · newest first| Announced | Project / portfolio | Type | Stake sold | €m | Buyer |
|---|---|---|---|---|---|
| 2024-12 | Windanker | farmdown | 49% | 180 | Kansai Electric Power |
| 2023-07 | Baltic Eagle | farmdown | 49% | 387 | Masdar |
| 2022-09 | Wikinger | farmdown | 49% | 700 | Energy Infrastructure Partners |
Ownership history comes from the transaction database; the portfolio above is the current snapshot only. "Joint" stakes are the consortium total (per-seller split not disclosed) and are excluded from the stake-weighted GW figure.
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