Masdar, a renewable energy company based in the United Arab Emirates, has secured €488 million in funding for its 49 percent ownership in Germany’s Baltic Eagle offshore wind farm. It will be situated 30 km northeast of Rügen Island and will have the advantage of an initial 20 years of operation with a guaranteed minimum price of €64.6 per MWh. By the end of 2024, the €1.6 billion Baltic Eagle wind farm is expected to be operational.
Financial companies such as ABN AMRO, Credit Agricole CIB, ING, Santander, and Siemens Bank supported the 476 MW wind farm with funding. Santander was the transaction’s financial advisor as well. Through long-term contracts, all of the wind farm’s output has been pre-sold, guaranteeing the project’s financial stability. In July 2023, Masdar and Iberdrola formally established their strategic alliance, which is centred around their joint investment in the Baltic Eagle initiative. Masdar completed the purchase of a 49 per cent stake in the project in November 2023.
In March 2024, Masdar completed its acquisition of a 49 percent shareholding in RWE’s 3 GW Dogger Bank South project. This is part of a planned £11 billion investment in the UK’s renewables sector. It builds on the £10 billion UAE-UK Sovereign Investment Partnership to invest in technology, infrastructure and the energy transition. RWE, which will have a 51 per cent stake in the project, will be in charge of development, construction and operation of the project throughout its lifecycle.
