Report published September 23, 2026
Goldman Sachs Utilities Daily: Iberdrola Stake Sale in UK Offshore Project and Global Renewable Additions
Goldman Sachs · September 23, 2026
Goldman Sachs' daily utility briefing reports on Iberdrola's planned sale of up to a 49% stake in its €5 bn East Anglia Two offshore wind project and IRENA findings that global renewable build-out must accelerate to reach 11.2 TW by 2030. The note also highlights corporate developments from RWE and Vestas, alongside Goldman's structural view on an AI- and electrification-led earnings super-cycle in European utilities.
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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.Iberdrola is reportedly planning to sell up to a 49% stake in its 960 MW UK offshore wind project East Anglia Two, which is valued at €5 bn.
- 2.IRENA reported that global renewable capacity reached ~5.15 TW by end-2025 (+693 GW yoy), but annual additions must accelerate further to meet the 11.2 TW 2030 target versus the current 10.6 TW trajectory.
- 3.RWE Americas agreed to pilot Heron Power's solid-state transformer power conversion technology at its Pyron Wind Farm battery site in Texas, with an option to reserve ≥500 MW annually of US manufacturing capacity.
Table of Contents
- Research you can't miss from past two weeks
- Iberdrola reportedly planning sale of a stake in UK offshore wind project
- Global renewable additions need to accelerate to meet 2030 target
- RWE and Heron Power sign agreement with path to reserve 500 MW of capacity
- Other news
- Events to watch this week
- Research you need to read
- Powering Up Europe: Energy Security: Utilities at the core of Europe's Electrification (27 April 2026)
- Utilities and Artificial Intelligence: Agentic AI may boost an already strong power demand outlook (23 March 2026)
- Powering Up Europe: Upgrading power demand assumptions, and target P/E valuations (23 March 2026)
Report data
Key figures extracted from this report
| Metric | Estimate | Context |
|---|---|---|
| East Anglia Two estimated valuation | 5 EUR billion | Reported valuation of Iberdrola's UK offshore wind project East Anglia Two |
| Global renewable installed capacity | 5.15 TW | Global renewable capacity recorded at the end of 2025 by IRENA |
| Projected global renewable capacity under current trajectory | 10.6 TW | Projected capacity based on maintaining the current build-out pace versus the 11.2 TW target |
| Total electrification infrastructure spending in Europe | 3.5 EUR trillion | Projected spending on European electrification infrastructure under hyper-electrification scenario |
| Electrification compounders 2025-30 EPS CAGR | 9% | Estimated EPS compound annual growth rate for Goldman Sachs' electrification compounders basket |
Reports in this series
GS Utilities Daily is shown in chronological order through this edition, published on September 23, 2026.
Part of the GS Utilities Daily series — view all 32 editions
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