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Iberdrola and Masdar to invest 15 billion euros in offshore wind power and green hydrogen

COMPANIESIberdrola and Masdar to invest 15 billion euros in offshore wind power and green hydrogen

On December 5th, during COP28 in Dubai, Iberdrola and Masdar announced the establishment of a strategic partnership worth 15 billion euros. The partnership aims to evaluate the possibility of joint development of offshore wind energy projects and green hydrogen in key markets, including Germany, the United Kingdom, and the United States.

The companies’ latest milestone follows the success of the shared investment in the Baltic Eagle offshore wind farm in Germany. The next joint investment will be the UK East Anglia 3, with a capacity of 1400 MW. This agreement has been under negotiation for several months and may be signed by the end of the first quarter of 2024. Masdar may hold a 49% stake in this wind installation.

The East Anglia 3 offshore wind farm is currently under construction. Its full operation is planned for the fourth quarter of 2026. The installation has a 15-year Contract for Difference (CfD) linked to CPI, awarded by the British government in July 2022. The farm will power over 1.3 million British homes and contribute to the creation of 2300 jobs.

Beyond East Anglia 3, both companies will cooperate to secure joint investments in future offshore wind energy and green hydrogen projects in Europe and other markets. Work on identifying other opportunities is underway, and it is predicted that the total value of joint investments in offshore and green hydrogen within the partnership could reach 15 billion euros. The plans announced at the UN COP28 climate conference in the United Arab Emirates demonstrate both firms’ firm commitment to accelerating the global energy transition.

Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and President of COP28, said: “We are delighted with this partnership in which world pioneers of clean energy, Masdar and Iberdrola, will join forces to leverage their specialist knowledge and resources to develop renewable energy sources in Europe and around the world. Participating in COP28, we know that the world must triple the global capability of renewable energy production by 2030 to keep the 1.5°C target within reach. Strong partnerships, like todays between Masdar and Iberdrola, will propel us towards this goal.”

Ignacio Galán, President of Iberdrola, stated: “Now that 118 governments have committed to tripling the power of renewable energy sources by 2030 during COP28, achieving this goal will require immediate action from those governments and the private sector. Iberdrola’s innovative alliance with Masdar today once again shows our determination in achieving crucial targets. It is a continuation of our longstanding commitment to developing renewable energy, networks, and energy storage.”

“By combining our experience in renewable energy sources and financial strength with Masdar’s experience, we can deliver safer, competitive, and clean energy faster. We are delighted to expand our existing partnership with a leading long-term partner like Masdar, from Germany, where we are already installing new offshore wind turbines, to the UK and the entire world.”

Mohamed Jameel Al Ramahi, CEO of Masdar, said: “We are thrilled about the opportunity to cooperate again with our strategic partners, Iberdrola, in exploring the development of one of the UK’s largest offshore wind farms and other prospects in Europe. The UK and Europe, with substantial wind energy resources, are key markets for Masdar. As our goal is to reach 100 GW by 2030, Masdar focuses on developing innovative projects from very early stages to further strengthen our expertise in offshore wind energy. We have been operating in the UK for over ten years, realizing pioneering, groundbreaking projects, including the world’s first floating offshore wind farm. At COP28, as the world desires to triple renewable energy generation capacity to secure a more eco-friendly future, projects like the East Anglia 3 offshore wind farm with a capacity of 1400 MW show how we can create jobs, power homes, and reduce emissions.”

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