Iberdrola and Masdar have signed a €15 billion strategic collaboration deal to jointly develop offshore wind and green hydrogen projects in Germany, the United Kingdom, and the United States. Following the successful co-investment in Baltic Eagle in Germany, the parties’ next milestone will be to obtain a further co-investment in the 1,400 MW UK East Anglia 3 offshore wind project. This agreement has been negotiated for several months and could be concluded by the end of the first quarter of 2024. Masdar may hold a 49 percent share in this wind farm.
East Anglia 3 is currently under development, with completion anticipated for the fourth quarter of 2026. In addition to creating 2,300 jobs, the project will power nearly 1.3 million homes in Britain. Both businesses will collaborate to invest in future offshore wind and green hydrogen projects in Europe and international markets after the East Anglia 3 deal closes. Furthermore, work to identify further opportunities has commenced. The total value of the alliance’s joint investments in offshore wind and green hydrogen might exceed €15 billion. The proposals were revealed in the UAE during COP28.
In November 2023, Iberdrola inked a strategic deal with Masdar, a major renewable energy group based in Abu Dhabi, to co-invest in the 476 MW Baltic Eagle offshore wind farm in the German Baltic Sea. Following confirmation that all the necessary regulatory approvals have been received, Iberdrola will have a 51 per cent ownership stake in the project. Furthermore, the company will oversee and handle the assets, as well as provide operational, maintenance, and other corporate services.
