MADRID, March 22 (Reuters) - Spanish utility Iberdrola (IBE.MC) on Monday said its renewables unit had bought the rights to build a 400 megawatt offshore wind project in the Baltic Sea scheduled to enter production by 2014.
Iberdrola Renovables IBR.MC said the Ventotec Ost 2 project, which was first approved by the German government in 2007, was one of the most advanced in Europe in terms of regulatory approval.
The park, which will be built 40 km north of the island of Ruegen, will include 80 five-megawatt generators.
Renovables bought the project from a joint venture formed by Deutsche Bank (DBKGn.DE) unit Deutsche Erneuerbare Energien GmbH (Deutsche Bank Group) and Ventotec. Financial details of the transaction were not given.
Iberdrola, which owns Scottish Power, plans to build one of the largest offshore wind farms in the world in Britain with a capacity of up to 7,200 MW, in addition to another 2,500 MW elsewhere in Europe.
The German government has set a target to build 12,000 MW in offshore wind parks as part of a plan to meet European Union targets to get 20 percent of all energy from renewable sources by 2020.
Iberdrola said it hoped to acquire a “relevant quota of this market”. (Reporting by Martin Roberts; Editing by Amanda Cooper)