Global green energy giants Iberdrola and Masdar have jointly announced a 15 billion euro strategic partnership to develop offshore wind and green hydrogen projects in key markets like Germany, the UK, and the USA.
Following their successful co-investment in Baltic Eagle in Germany, the alliance aims to pursue a co-investment in the 1,400-megawatt (MW) UK East Anglia 3 offshore wind project. Negotiations for this deal have been ongoing and are expected to be finalised by the end of Q1 2024, with Masdar potentially securing a 49% stake in this wind farm.
“We welcome this partnership, which will see global clean energy pioneers, Masdar and Iberdrola, coming together to use their expertise and resources to advance renewables in Europe and around the world,” said HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President.
East Anglia 3, currently under construction and set for full commissioning in Q4 2026, has secured a 15-year CPI-linked Contract for Difference (CfD) from the UK Government as of July 2022. The project is projected to power over 1.3 million British homes and generate 2,300 jobs.
Apart from the East Anglia 3 venture, both companies plan to collaborate on future offshore wind and green hydrogen projects in Europe and other global markets. Efforts to identify additional opportunities are underway, with an estimated joint investment value of 15 billion euros in offshore wind and green hydrogen projects as part of this alliance.
“By combining our renewables experience and financial strength with those of Masdar, we can deliver more secure, competitive and clean energy quicker,” said Iberdrola’s Executive Chairman, Ignacio Galán.
