Masdar, Iberdrola announce €5.2 bn investment in UK offshore wind farm, energise 476 MW project in Germany
and
Iberdrola
have announced a €5.2 billion co-investment in the 1.4 GW
East Anglia THREE
offshore wind project in the UK and the full energisation of the 476 MW
Baltic Eagle
offshore wind farm
in Germany, as part of their €15 billion strategic partnership.
The East Anglia THREE project, located off the Suffolk coast in the UK, will have a capacity of 1.4 GW and is scheduled to be operational in the fourth quarter of 2026. It will supply electricity to 1.3 million British homes. Each company will hold a 50 per cent stake in the asset and co-governance rights.
On July 9, project financing for East Anglia THREE was signed for approximately £3.5 billion (about €4.1 billion) with 24 international banks. The facility, which was oversubscribed by 40 per cent, will cover a substantial portion of the total project cost. The project benefits from a 15-year CPI-linked Contract for Difference awarded under the UK Government's AR4 and AR6 auctions and a Power Purchase Agreement with Amazon signed in 2024.
Masdar and Iberdrola also announced the full energisation of the 476 MW Baltic Eagle project located in the German Baltic Sea. The project is expected to supply
renewable energy
to approximately 475,000 households and reduce carbon dioxide emissions by about 800,000 tonnes annually.
Baltic Eagle is Masdar's first project in Germany and its largest euro-denominated financing. It is the second of Iberdrola's three wind farms in Germany, alongside
Wikinger
(350 MW, operational) and Windanker (315 MW, in planning). Together, these projects form Iberdrola's Baltic Hub.
H.E. Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, said, 'Offshore wind will play a crucial role in the global
energy transformation
, and landmark developments like Baltic Eagle and East Anglia THREE are significant advances towards clean energy targets in major European nations.'
Ignacio Galán, Executive Chairman of Iberdrola, said, 'Joining forces with Masdar in the East Anglia THREE offshore windfarm will allow Iberdrola to accelerate our strategic focus on the UK. The completion of Baltic Eagle represents a new milestone in our partnership.'
Masdar CEO Mohamed Jameel Al Ramahi said the co-investments demonstrate how cross-border partnerships can accelerate clean energy deployment at scale.
The Masdar-Iberdrola partnership, signed in December 2023, is one of the largest bilateral alliances in the clean energy sector. The partnership aims to support joint investments in offshore wind and
green hydrogen projects
, with a total expected investment value of €15 billion.
Masdar has set a target of reaching 100 GW of clean energy capacity by 2030, with Europe expected to contribute up to 30 GW, following acquisitions in Spain and Greece. Iberdrola invested €17 billion in grids and renewable generation in 2024, including over €5.4 billion in renewables, adding 2,600 MW of new green capacity.
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