Iberdrola has entered into a new market, Poland, as a growth platform for its expansion strategy in renewables. The company has reached an agreement to acquire 50% of the developer Sea Wind, which has a portfolio of seven initial phase offshore projects, with a potential capacity of up to 7.3 GW.The operation allows Iberdrola to advance in its geographic diversification strategy in markets with a favorable investment environment -rating A- in Poland- and to position itself in the initial stage of development of the country's offshore wind market, with great growth potential in the next decades. Iberdrola is also promoting with this transaction the creation of a hub in the Baltic Sea, which would act as the epicenter for offshore services and local content for the company's projects in the Germany, Poland and Sweden axis.The agreement between Iberdrola and Sea Wind provides for the construction of a solid alliance, open to the incorporation of Polish partners. Sea Wind has an experienced team in offshore project development and in-depth knowledge of the Polish market. Iberdrola and this wind power developer have already worked together on the development of the Baltic Eagle project in Germany.

LONG-TERM VISION, ALIGNED WITH THE COUNTRY'S ENERGY PLANS

The size of the Polish offshore market and the geographical location within the Baltic Sea allow Iberdrola to commit technical and financial capabilities with a long-term vision, aligned with the country's energy plans.Poland has implemented a strategy to decarbonize its energy mix and promote its energy independence and has announced up to 8 GW of installed offshore capacity by 2030. The Baltic Sea has an offshore wind energy potential of 93 GW and 28 GW of these are located in Polish waters.

DIVERSIFICATION STRATEGY IN NEW MARKETS

The alliance with Sea Wind is aligned with Iberdrola's strategy of consolidating itself as the largest renewable company in the world and is in addition to other transactions carried out by the company in recent years in the offshore wind segment.These operations have allowed the development of parks in the German Baltic Sea (Wikinger and Baltic Eagle), in the North Sea (East Anglia ONE), the Irish Sea (West of Duddon Sands), the Massachusetts coast (Vineyard Wind), the French (Saint Brieuc) and, more recently, access to early stage capacities of 9 GW in Sweden and more than 3 GW in Japan. Until now, and prior to this latest transaction, the company had a portfolio of 20.2 GW offshore wind projects.Iberdrola carries out with this alliance in Poland its tenth corporate operation so far this year, despite the challenges derived from COVID-19. Added to the offshore wind transactions in France, Sweden and Japan is the acquisition of the French renewable energy company Aalto Power; agreements to develop 165 MW onshore wind in Scotland and 400 MW in Brazil; the reinforcement of up to 100% of the Saint Brieuc offshore wind project; the purchase of Infigen Energy -which made it one of the leading operators in the Australian renewable energy market; PNM Resources - a power company in New Mexico and Texas - and, more recently, the acquisition of the Brazilian distributor in Brasilia CEB-D.

GREEN INVESTMENTS TO PROMOTE ECONOMIC RECOVERY

Iberdrola is convinced that the energy transition can act as a key driving agent in the transformation of the industrial fabric and in the green recovery of the economy and employment. To this end, the company has launched a historic investment plan of 75,000 million euros for the period 2020-2025, with the aim of doubling its renewable capacity and taking advantage of the opportunities of the energy revolution facing the main economies of the world. After twenty years promoting the energy transition, with investments of 120,000 million euros, Iberdrola is a leader in renewable energy, with an installed capacity of more than 33 GW, which makes its generation park one of the cleanest in the energy sector. With CO 2 / kWh emissions that are already two-thirds lower than the European average, the investment strategy in clean energy and networks will lead Iberdrola to be a carbon-neutral company in Europe by 2030.

KeyFacts Energy: Iberdrola Poland country profile