By Cristina Roca

Spain's Iberdrola SA (IBE.MC) said Monday that it has agreed to sell 40% in a U.K. offshore wind farm project to a Macquarie Group Ltd. (MQG.AU) company for a consideration of 1.63 billion pounds ($1.96 billion).

The Iberian energy company said its Scottish renewables subsidiary, ScottishPower Renewables (UK) Ltd., or SPRUK, will sell a 40% stake in East Anglia One, the owner of the project, to Bilbao Offshore Holding Ltd., which belongs to the Macquarie Group.

The project will be the largest offshore wind farm in the world once it starts running in 2020, said Santander CIB, Banco Santander's SA (SAN.MC) investment banking unit, which acted as Iberdrola's advisor.

The deal values East Anglia One at around GBP4.1 billion, Iberdrola said. Iberdrola said its SPRUK subsidiary will maintain control of the company and will keep providing the necessary services to construct and keep the project runing as needed.

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

(END) Dow Jones Newswires

August 12, 2019 02:03 ET (06:03 GMT)

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