Letter of intent outlines potential for joint capital investment in projects in the Baltic Sea.

Iberdrola and Poland’s Enea Group have signed a letter of intent to cooperate on the development of up to 3300MW of offshore wind capacity in the Baltic Sea.

The letter marks the start of negotiations on the joint development of investments in offshore wind projects in the Polish Exclusive Economic Zone of the Baltic Sea.

Enea said it will build competence in the development of offshore wind projects in cooperation with Iberdrola.

The companies have begun, on an exclusive basis, negotiations relating to the possibility of implementing a joint capital investment in wind farm projects and their joint preparation, construction and operation.

Enea Group’s development strategy is focused on achieving a target of 22% of renewable energy in its electricity production portfolio by 2025 rising to 33% by 2030.

Enea currently assumes a minority share in investment projects implemented with Iberdrola.

The group’s level of involvement and further details on the scope of cooperation will be determined at a later date.

Iberdrola owns 964MW of installed offshore wind capacity and plans to develop projects with an estimated capacity of 1.8GW in the next four years.

Source: renews.biz