Masdar and Iberdrola forge $16bn offshore wind, green hydrogen alliance
Abu Dhabi’s Masdar and Spanish utility Iberdrola have inked a €15bn ($16.2bn) strategic partnership agreement to evaluate the joint development of offshore wind and green hydrogen projects in markets such as Germany, the UK and the US.
After the parties’ co-investment in Baltic Eagle, in Germany, the new move will be to achieve a further co-investment in the 1.4 GW East Anglia Three offshore wind project in the UK. This deal, which would give Masdar a 49% stake in the wind farm, has been under negotiation for the last few months and could be signed by the end of the first quarter of 2024.
East Anglia 3 is currently in construction, with full commissioning scheduled for the fourth quarter of 2026. The wind farm secured a 15-year CPI-linked contract for difference from the UK Government in July 2022. The project will power over 1.3m British homes and create 2,300 jobs.
In addition to this transaction, both companies said would work together to jointly invest in future offshore wind and green hydrogen projects in Europe and other markets. The plans were announced at the UN’s climate change conference COP28 in Dubai.
