Iberdrola and AXA IM Alts have signed a Memorandum of Understanding to explore a collaboration in the offshore wind segment in France. Iberdrola is participating in the AO4 tender which involves the award of approximately 1GW of offshore wind in Normandy.
Bid submission is scheduled for November 10, with an award expected in Q1 2023. With the agreement signed, both parties will negotiate the terms whereby AXA IM Alts acting on behalf of clients, would join Iberdrola’s project as minority shareholder if awarded in the AO4 auction and subject to obtaining regulatory approvals and other customary conditions. With €184 billion assets under management and a key presence in France, AXA IM Alts focuses on generating sustainable value for its customers.