Spanish newspaper Expansion first reported that the company is considering selling a minority stake in the Wikinger offshore project.
A source said that Iberdrola has appointed financial services firm Santander, alongside the Bank of America, to sell a certain stake in three offshore facilities.
The Windanker, Baltic Eagle and Wikinger facilities are located in the German Baltic Sea and will have more than 1.1GW of combined installed capacity once completed.
Iberdrola declined to comment on the report, as did Santander and the Bank of America.
Iberdrola previously announced an €800m ($866.5m) investment in Windanker and plans to invest €2.5bn ($2.7bn) in Baltic Eagle and Wikinger.
In 2019, the Macquarie-owned Green Investment Group agreed to acquire a 40% stake in the East Anglia ONE windfarm from Scottish Renewables, a subsidiary of Iberdrola, for a £1.6bn consideration.
German firm Siemens also acquired Iberdrola’s 8.1% stake in Siemens Gamesa Renewable Energy (SGRE) for €1.1bn in February 2020.
Earlier this year, Iberdrola finished restructuring a joint venture with Copenhagen Infrastructure Partners (CIP) to take full ownership of more than 2GW of an offshore wind portfolio in the US.
Iberdrola’s Avangrid Renewables subsidiary will become the sole owner of the 1,232MW Commonwealth Wind project in Massachusetts and the Park City Wind project in Connecticut, which has an 804MW capacity.
Iberdrola previously considered spinning off its onshore business, but shelved these plans last November.
Onshore wind is expected to help countries reduce their reliance on Russian gas, with several having promised to do so following the Russian invasion of Ukraine.
Germany is also planning to reduce its dependency by increasing its focus on renewable energy projects, according to Reuters.