Iberdrola and Masdar Achieve Milestones in Renewable Energy Partnership
Iberdrola, a global energy giant, and Masdar, Abu Dhabi’s renewable energy company, have reached significant milestones in their partnership established in 2023 to invest in renewable energy projects. The collaboration has recently completed the largest offshore wind transaction in a decade for the financing of the UK’s East Anglia Three Project and achieved full energization of their first joint project.
Key Investments and Alliances
The alliance between Iberdrola and Masdar was formed with a planned investment of up to €15 billion in renewable energy projects across the UK, Germany, and the U.S., making it one of the largest bilateral alliances in the global clean energy sector.
They recently secured project financing for the East Anglia Three project in the UK, with a consortium of 24 international banks providing approximately €4.1 billion ($4.8 billion) for the project, which is expected to have a total cost of €5.2 billion ($6 billion). This financing round was oversubscribed by 40%, highlighting the strong investor interest in renewable energy projects.
East Anglia Three Project
Situated off the Suffolk coast in the UK, the East Anglia Three project is set to become one of the world’s largest offshore wind farms, with a planned capacity of 1.4 GW. Both Iberdrola and Masdar will own 50% of the joint venture, which is expected to power approximately 1.3 million homes upon completion in Q4 2026. This project is a crucial component of the UK’s strategy to achieve 50 GW of offshore wind capacity by 2030, significantly increasing its current 15 GW capacity.
Supported by a 15-year CPI-linked Contract for Difference from the UK government and a power purchase agreement with Amazon, the East Anglia Three project represents a significant step towards sustainable and reliable energy generation.
Future Growth and Expansion
Dr. Sultan Al Jaber, Chairman of Masdar, emphasized the strategic importance of partnerships like the one between Masdar and Iberdrola in accelerating clean energy capacity growth globally. With the increasing demand for power driven by technological advancements and emerging markets, such collaborations play a vital role in meeting energy needs sustainably.
Additionally, the partners celebrated the full energization of their Baltic Eagle project in Germany, marking a capacity of 476 MW. This project, part of Iberdrola’s Baltic Hub along with Wikinger and Windanker projects, underscores the companies’ commitment to expanding renewable energy infrastructure.
As they continue to explore new opportunities aligned with the growing global demand for sustainable power, Iberdrola and Masdar are poised to further advance their clean energy goals and contribute to a more sustainable future.