The Diplomat
Iberdrola and Masdar, the Abu Dhabi Emirate’s renewables group, have signed a strategic agreement to jointly invest up to 15,000 million euros in offshore wind and green hydrogen in Germany, the United Kingdom and the United States, following the “successful” co-investment agreement already in place in Baltic Eagle (Germany), as announced yesterday at COP28.
The first milestone of this alliance, as detailed in a joint press release, will be to co-invest in the British offshore wind project East Anglia 3, of 1,400 megawatts (MW), which is in the final phase of negotiation and could be signed by the end of the first quarter of 2024, reports Europa Press.
In this line, they stressed that the participation of Masdar Renewables Group in this wind farm could reach up to 49%.
Both firms assured that the East Anglia 3 project is already under construction and is expected to be operational in the fourth quarter of 2026.
They also recalled that Iberdrola signed contracts for difference (CfD) with the UK government in July 2022 for the sale of energy from the farm at a price that will increase in line with inflation, while predicting that the project will supply energy to more than 1.3 million British homes and create 2,300 jobs.
The two companies also said they will work together to invest in future offshore wind and green hydrogen projects in Europe and other markets, which “could involve the participation of Iberdrola subsidiaries”.
Iberdrola’s chairman, Ignacio Galán, said that now that 118 governments have already committed at COP28 to triple renewable energy capacity by 2030, reaching this target will require “immediate” action by governments and the private sector.
UAE Minister of Industry and Advanced Technology, Masdar Chairman and COP28 President Sultan Al Jaber welcomed the partnership “where two global clean energy pioneers, Masdar and Iberdrola, will come together to use their expertise and resources to promote renewable energy in Europe and around the world”.
Masdar CEO Mohamed Jameel Al Ramahi said he was “delighted” to be working once again with strategic partner Iberdrola as they explore “the development of one of the UK’s largest offshore wind farms and other projects in Europe”.
