Today's Edition
ABU DHABI (ALETIHAD)
Masdar and Iberdrola have signed a €5.2 billion co-investment agreement for the East Anglia THREE offshore wind farm in the UK — one of the world’s largest offshore wind projects — marking a major milestone in their strategic clean energy partnership. This follows the successful full energisation of the 476MW Baltic Eagle wind farm in Germany, the duo’s first joint project under a €15 billion collaboration.
Under the agreement, Masdar and Iberdrola will each hold a 50% stake and co-govern the 1.4GW East Anglia THREE project. Located off the Suffolk coast, the wind farm will begin initial operations in Q4 2026, delivering clean electricity to 1.3 million British homes. It benefits from a 15-year UK Government Contract for Difference and a Power Purchase Agreement signed with Amazon in 2024. The project is expected to generate over 2,300 jobs during construction and 100 long-term positions during its operation.
In parallel, the companies announced the completion of the Baltic Eagle offshore wind farm in the German Baltic Sea. The 476MW project will supply renewable energy to approximately 475,000 German homes, cutting CO₂ emissions by 800,000 tonnes annually. It represents Masdar’s first project in Germany and its largest euro-denominated financing to date. Baltic Eagle is the second in Iberdrola’s Baltic Hub, following Wikinger and preceding Windanker.
“Masdar and Iberdrola are continuing to forge one of the largest and most powerful strategic clean energy partnerships to accelerate capacity growth in Europe and worldwide,” said Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and Chairman of Masdar. “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.”
Mohamed Jameel Al Ramahi, CEO of Masdar, added, “Our strategic co-investments with Iberdrola demonstrate how ambitious cross-border partnerships can deliver transformative impact at scale. We are looking forward to deepening this partnership as Europe accelerates its renewable energy targets.”
Ignacio Galán, Executive Chairman of Iberdrola, called the partnership “vital in accelerating energy security and competitiveness,” noting that Iberdrola is investing £24 billion in the UK by 2028 and continues to expand its presence in the Baltic Sea.
Launched in December 2023, the Masdar-Iberdrola partnership focuses on joint investments in offshore wind and green hydrogen across key markets including the UK, Germany, and the US. Masdar aims to reach 100GW of global clean energy capacity by 2030, with Europe expected to contribute up to 30GW.
