In the Normandy Sea, Iberdrola announces a memorandum of understanding with AXA IM to collaborate on an offshore wind farm.
A strategic partnership
In France, in the Normandy Sea, the agreement between Iberdrola and AXA IM allows Iberdrola to participate in the AO4 competitive bidding process. This procedure comes from the French Ministry of Energy Transition in January 2021. The project concerns the acquisition of a future offshore wind farm with a capacity of approximately 1GW off the coast of Normandy.
This wind project is the eighth of its kind. To date, the French government has pre-selected 6 candidates participating in the competitive dialogue, including Iberdrola. Applicants must submit their bids by Thursday, November 10 at noon French time.
With the signing of this Memorandum of Understanding, both parties plan to negotiate the terms of the contract. The aim is to define the elements relating to AXA IM’s participation. AXA IM will join the project as a minority shareholder.
Iberdrola strengthens its presence
Iberdrola is currently developing a portfolio of onshore wind and solar projects in France. Indeed, the company is finalizing the construction of the 496MW offshore wind project in Saint-Brieuc, which should be operational by the end of 2023. It also strengthened its position in France in 2020 by acquiring Aalto Power.
AXA IM haswith €184 billion in assets under management, has a key presence in France. In addition, the company is already a shareholder in offshore wind projects such as the Hornsea project in the North Sea. Indeed, AXA IM focuses on sustainable value creation with a strong commitment to social impact.
Thus, the French government is expected to announce the winner of the project in the first quarter of 2023. In addition, the park is expected to be commissioned in 2028. In addition, Iberdrola currently supplies electricity to more than 100 million people around the world.
