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COP28: Iberdrola and Masdar join forces on 1.4 GW East Anglia Offshore Wind Project

By: Mark Casey 05/12/2023 Iberdrola

General Windfarms

Today at COP28 in Dubai, global green energy giants Iberdrola and Masdar announced a €15 billion strategic partnership agreement to evaluate the joint development of offshore wind and green hydrogen projects in key markets including Germany, UK and the USA.

After the parties’ successful co-investment in Baltic Eagle, in Germany, the new milestone of this alliance will be to achieve a further co-investment in relation to the 1,400-megawatt (MW) UK East Anglia 3 offshore wind project.

This deal has been under negotiation for the last few months and could be signed by the end of Q1 2024. Masdar’s stake in this wind farm could be 49%.

East Anglia 3 is currently in construction, with full commissioning scheduled for Q4 2026. The windfarm secured a 15-year CPI-linked Contract for Difference (CfD) from the UK Government in July 2022.

The project will power over 1.3 million British homes and create 2,300 jobs.

The plans, announced at the UN’s climate change conference COP28 in the UAE, demonstrate both companies’ firm commitment to accelerating the global energy transition.

Iberdrola’s Executive Chairman, Ignacio Galán, said: “By combining our renewables experience and financial strength with those of Masdar, we can deliver more secure, competitive and clean energy, quicker. We are very pleased to be expanding our existing alliance with a leading long-term partner like Masdar from Germany, where we are already constructing new offshore wind turbines, to the UK and across the world.”

Masdar’s Chief Executive Officer, Mohamed Jameel Al Ramahi, said: “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. At COP28, as the world looks to triple renewable energy capacity to secure a greener future, projects such as the 1,400MW East Anglia 3 offshore wind farm show how we can create jobs, power homes and cut emissions.”

For more information about offshore wind farm projects across the globe, click here.

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COP28: Iberdrola and Masdar join forces on 1.4 GW East Anglia Offshore Wind Project

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