Spanish electric utility company Iberdrola is reportedly set to form a strategic tie-up with Abu Dhabi-based renewable energy company Masdar to jointly develop a 476 MW wind farm in the German Baltic Sea.
According to Spanish business daily Expansión, the duo has signed an exclusivity agreement that could see Masdar take up to 49% stake in the $1.5bn Baltic Eagle offshore wind farm.
Baltic Eagle is being built some 28 km off the north-east coast of the German island of Rügen, in Mecklenburg-West Pomerania with expected commissioning in 2024.
Iberdrola plans to expand its total capacity in Germany up to more than 1.1 GW by 2026 which also includes the operational 350 MW Wikinger offshore wind farm and the 300 MW Windaker project.
Last year, the company sold a 49% stake in Wikinger to Swiss-based Energy Infrastructure Partners (EIP) for around €700m.
