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    COP28: Iberdrola and Masdar establish a €15 billion partnership for offshore wind energy

    Iberdrola and Masdar have revealed a strategic partnership agreement valued at €15 billion, potentially involving an investment in the 1400MW East Anglia 3 offshore wind project in the UK. The collaboration aims to jointly invest in upcoming offshore wind and green hydrogen initiatives in Europe and beyond, encompassing countries like the UK, Germany, and the US.

     

    The partners are currently exploring opportunities, with the total anticipated value of their combined investments in offshore wind and green hydrogen within the alliance reaching €15 billion. Following their successful co-investment in Germany’s Baltic Eagle, the next milestone is a prospective co-investment related to EA3, which has been in negotiations for several months and may be finalized in early 2024.

     

    There is a possibility that Masdar’s stake in EA3 could be 49%, with the wind farm under construction and scheduled for full commissioning in the fourth quarter of 2026. The project secured a 15-year CPI-linked Contract for Difference (CfD) from the UK government in July 2022. Both companies, as demonstrated at the UN’s climate change conference COP28 in the UAE, emphasize their strong commitment to expediting the global energy transition.

     

    Ignacio Galán, Iberdrola’s executive chairman, said “Now that 118 governments have already pledged to triple renewable energy capacity by 2030 at COP28, reaching this goal will require immediate action from these governments and the private sector.”

     

    “Following our long-term commitment to renewables, networks, and storage, this innovative alliance with Masdar today shows once again our determination to continue delivering.”

     

    Mohamed Jameel Al Ramahi, Masdar’s chief executive, commented “We are delighted to be working with our strategic partners, Iberdrola, once again as we explore developing one of the UK’s largest offshore wind farms and other prospects in Europe.”

     

    “With an abundance of wind resources, the UK and Europe are prime markets for Masdar. As we target 100GW by 2030, Masdar is focused on developing innovative projects from the very early stages to further strengthen our offshore wind expertise.”

     

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