Iberdrola and Masdar sign global alliance to co-invest up to €15bln in offshore wind and green hydrogen projects

Iberdrola and Masdar sign global alliance to co-invest up to €15bln in offshore wind and green hydrogen projects

Today (5th December) 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. Beyond the East Anglia 3 transaction, both companies will work together to jointly invest in future offshore wind and green hydrogen projects in Europe and other markets[i]. Work to identify other opportunities is already underway, and it is anticipated that the total value of joint investments in offshore