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Iberdrola S.A. IBDRY, the Spanish utility giant, has awarded a marine warranty survey (MWS) services contract to ABL, a global energy and marine consultancy, to support its offshore wind project in Germany. Iberdrola hired ABL to provide these services for its Windanker offshore wind farm, located 25 kilometers offshore Germany in the Baltic Sea.
Per the terms of the contract, ABL will be responsible for the offshore transportation and installation of critical parts, including foundations, inter-array cables and wind turbine generators. ABL will also offer specialized technical reviews, followed by the approval of necessary documents. The scope of work also outlines that ABL will review and approve the operational processes and vessels associated with the assets used in the offshore wind project.
ABL defines the contract as a ‘sizeable’ one, implying that its value lies in the range of $1-$3 million. However, the exact financial details of the deal were not disclosed.
The Windanker wind farm is expected to have a total capacity of 315 megawatts (MW), comprising 21 turbines, each with a capacity of 15 MW. The offshore installation activities are likely to be executed between 2025 and 2036, while project commissioning is expected to take place by year-end 2026.
ABL’s contract with Iberdrola builds on their previous success on the Baltic Eagle project in Germany. The contract further strengthens their relationship and reflects ABL’s valuable contributions to the offshore wind market in Germany. ABL mentioned that the contract should enable it to leverage its technical expertise in offshore wind projects to expand the scope of renewable energy generation in Germany.
IBDRY’s Zacks Rank and Other Key Picks
Currently, IBDRY carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the energy sector are Smart Sand, Inc. SND, FuelCell Energy FCEL and Nine Energy Service NINE, each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Smart Sand is a low-cost producer of high-quality Northern White frac sand, an ideal proppant for hydraulic fracturing and various industrial applications. The company provides proppant and other logistics services for several companies in the oil and gas industry. With sustained oil and gas market demand, SND is expected to see growing demand for its services, providing a positive outlook.
FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.