Iberdrola to acquire a majority stake in offshore wind and pipeline business of DP Energy.

Iberdrola, an energy company, agreed to acquire a majority stake in three offshore wind and pipeline business of DP Energy, a renewable energy company. Financial terms were not disclosed. The agreement will see Iberdrola acquire a majority stake in DP Energy's offshore wind pipeline in Ireland, which totals 3 gigawatts. The projects are located in three clusters on the east, west and south coasts of the country, of which some will be eligible for the forthcoming offshore auctions in 2025-2030. “Our two companies are already involved in a successful collaboration in South Australia and this next venture, in our home country, will increase the availability of low-cost green electricity for homes and businesses across Ireland and take us closer to helping achieve the country’s ambitious Net Zero targets," Simon De Pietro, DP Energy CEO.