Masdar and Iberdrola have announced a €5.2 billion co-investment in the UK’s East Anglia Three offshore wind farm project.
In what is described as one of the largest offshore wind transactions of the decade, the two firms will each take a 50% stake in and co-govern the wind farm, which is located off the Suffolk coast in the UK.
East Anglia Three
East Anglia Three is set to become one of the world’s two largest offshore wind farms once it enters operation towards the end of 2026, producing enough energy to power 1.3 million homes.
The project financing for East Anglia Three was signed on 9 July for approximately £3.5 billion, with 20 international banks. The financing, which was oversubscribed by 40%, will cover a substantial part of the total costs of the project.
More than 2,300 jobs are expected to be created during the construction of East Anglia Three, with 100 long-term roles set to be supported over the lifetime of the project.
Elsewhere, Masdar and Iberdrola have announced the full energisation of the 476MW Baltic Eagle offshore wind farm in Germany.
Located in the German Baltic Sea, the wind farm will supply clean energy to around 475,000 households and reduce annual CO₂ emissions by 800,000 tonnes.
Baltic Eagle is the second of Iberdrola’s three major wind farm projects in Germany, along with Wikinger (350MW, which is already in operation) and Windanker (315MW, currently in planning).
‘Accelerate energy security’
“Today is an important landmark in our global partnership with Masdar,” commented Ignacio Galán, Iberdrola’s executive chairman. “Partnerships such as this one are vital in accelerating energy security and competitiveness and working towards delivering ambitious climate targets. With Masdar, we have a partner who shares our vision and commitment.
“Joining forces with Masdar in the East Anglia THREE offshore wind farm will allow Iberdrola to accelerate our strategic focus on the UK, where we are investing £24 billion to 2028 in transmission and distribution networks and in renewable energy, contributing to the delivery of the UK Government’s ambitious electrification plans. The completion of Baltic Eagle represents a new milestone in our partnership, reinforcing Iberdrola’s commitment to electrification and strengthening our presence in the Baltic Sea.”
For Masdar, the projects align with its target to generate 100GW of global clean energy capacity by 2030, with Mohamed Jameel Al Ramahi, chief executive, saying that the co-investments “exemplify how cross-border collaboration can accelerate impact at scale.” Read more here.
