Masdar & Iberdrola Announce $5.7B UK Wind Deal

Masdar and Iberdrola have entered into a landmark co-investment agreement to jointly develop the East Anglia THREE offshore wind farm in the UK, valued at approximately $5.7 billion (€5.2 billion). The project, with a capacity of 1.4 GW, will be one of the world's largest offshore wind farms upon its initial operation expected in late 2026. The financing package, secured from 24 international banks, totals about $4.4 billion (£3.5 billion) and was oversubscribed by 40%.

Each company will hold a 50% stake in the project, which is forecasted to power 1.3 million British homes and create over 2,300 jobs during construction, with an additional 100 permanent positions. The project benefits from long-term revenue security through a 15-year Contract for Difference and a Power Purchase Agreement with Amazon.

Additionally, Masdar and Iberdrola have fully energized their 476 MW Baltic Eagle offshore wind farm in the German Baltic Sea. The facility will supply renewable energy to approximately 475,000 households and reduce COâ‚‚ emissions by about 800,000 tons annually.

This co-investment is part of a broader $16.5 billion (€15 billion) partnership aimed at expanding offshore wind and green hydrogen projects across the UK, Germany, and the US. Both companies emphasize their commitment to advancing clean energy and meeting ambitious climate targets.

Source: iberdrola.com