Iberdrola has 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.
According to the terms of the transaction, the valuation of 100 per cent of the project amounts to around 1.6 billion. The wind farm will be functional by the end of 2024 and will comprise 50 Vestas V174-9.5 MW turbines. Furthermore, the project will prevent 800,000 tonnes of carbon emissions yearly while producing 1.9 TWh of clean electricity, sufficient to power 475,000 German households. The project succeeded in securing a minimum regulated tariff for the first 20 years, of €64.6 per MWh. In addition, the sale of its whole output is covered by long-term contracts.
In September 2023, Iberdrola announced the completion of the construction of a 74 MW solar photovoltaic farm in Burgos. This solar project will hybridise the existing 69 MW BaCa – Ballestas and Casetona – wind power complex. Furthermore, the company has allocated more than €40 million for this project.