Masdar and Iberdrola announce €5.2 B deal
Masdar and Iberdrola have reached two milestones with a co-investment in the East Anglia THREE offshore wind farm and the full energization of the Baltic Eagle project in Germany.
Image credit: MichielTon.com
Spain, Madrid/UAE, Abu Dhabi: Masdar and Iberdrola have reached two milestones with a €5.2 billion ($6.078 billion) co-investment in the UK’s East Anglia THREE offshore wind farm and the full energization of their 476 MW Baltic Eagle project in Germany. The developments mark progress in delivering offshore wind targets and advancing the companies’ €15 billion strategic partnership to accelerate clean energy deployment across key markets.
The companies will co-invest in the 1.4 GW East Anglia THREE wind farm in the UK, in the largest offshore wind transaction of the decade. Each company will have a 50% stake in and co-governance of the asset. All the conditions precedent have been achieved and the transaction is set to close shortly. Located off the Suffolk coast, the project will become one of the world’s two largest offshore wind farms when it comes into initial operation in Q4 2026, delivering enough energy to power 1.3 million homes.
Masdar and Iberdrola have also announced the completion and full energization of the Baltic Eagle offshore wind farm in the German Baltic Sea. As the first project completed under the strategic partnership, the project is a major step forward in supporting Germany’s clean energy ambitions. It will supply about 475000 households with renewable energy while reducing CO2 emissions by roughly 800000 tons per year.
Masdar and Iberdrola will continue to invest in future clean energy projects in Europe and other markets. Work to identify other opportunities is underway, with the anticipated total value of joint investments in offshore wind and green hydrogen calculated at €15 billion.
Source: Masdar/Iberdrola
#Baltic Eagle#East Anglia Three#Germany#Iberdrola#Masdar#offshore wind#Renewables#UK#wind farm