Masdar, Abu Dhabi’s state-owned renewable energy company, and Iberdrola, one of the world’s largest energy firms, have signed two major agreements as part of their €15 billion (almost $17.6 bn) alliance to expand offshore wind and green hydrogen projects in the UK, Germany, and the United States.
Signed in December 2023, the Masdar–Iberdrola partnership is one of the largest bilateral alliances in the global clean energy sector. Together, these projects accelerate Europe’s offshore wind build-out and underscore Masdar and Iberdrola’s commitment to tripling global renewable capacity by 2030.
Under the new agreement, Masdar and Iberdrola will each hold a 50% stake in the 1.4 gigawatt project, East Anglia THREE, according to a joint statement, adding they were looking for other opportunities in clean energy.
In addition, the project financing for East Anglia THREE was signed on 9th July for approximately £3.5 billion - around $4.76 billion - with 24 international banks.
Oversubscribed by 40%, the facility is one of the largest ever such transactions. It will cover a substantial part of the total costs of the project, estimated at approximately $6.1 billion, without consolidating debt in any of the partners’ financial statements.
East Anglia THREE, located off Britain's Suffolk coast in the southern North Sea, is expected to start operations in the final quarter of 2026 and help power 1.3 million homes.
CEO Mohamed Jameel Al Ramahi said the project showed how cross-border partnerships can deliver "transformative impact at scale."
"Masdar and Iberdrola are continuing to forge one of the largest and most powerful strategic clean energy partnerships to accelerate capacity growth in Europe and worldwide. Offshore wind will play a crucial role in the global energy transformation, and landmark developments like Baltic Eagle and East Anglia THREE are significant advances towards clean energy targets in major European nations. With demand surging due to exponential AI growth and the rise of emerging markets, projects such as these have never been more critical," Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar stated.
Separately, the two companies said a 476 megawatt offshore wind farm project in Germany had been completed and connected to the power grid.
Masdar also has Abu Dhabi sovereign wealth fund Mubadala and UAE state oil company ADNOC among its shareholders.
It has invested in other renewable energy projects in the United Kingdom, such as the Dogger Bank South offshore wind project in the North Sea.
It has also invested about $200 million to buy a 49.9% stake in a solar portfolio controlled by Spanish power utility Endesa and last year acquired Greece's Terna Energy, Spain's Saeta Yield and a 50% stake in U.S. renewable energy firm Terra-Gen.
The formation of a black hole can be quite a violent event, with a massive dying star blowing up and some of its remnants collapsing to form an except...
The Trump administration on Thursday finalised rules revoking the Environmental Protection Agency’s authority to regulate greenhouse gas emissions, ...
Medical group accuses paramilitary force of targeting civilians in al-Kurqal area, urges international action to protect residents....
Day 6 of the Milano Cortina 2026 Winter Olympics brought fans and photographers unforgettable moments of athleticism, determination and sheer joy. Fro...
U.S. border chief Tom Homan said on Thursday (12 February) a federal immigration crackdown in Minnesota will end after months of raids that led to mor...
President Ilham Aliyev received UAE Minister Sultan Al Jaber in Khankendi on July 4, with both sides praising strong bilateral ties and exploring future energy and cultural cooperation.
Abu Dhabi Future Energy Company PJSC – Masdar has announced the issuance of a new $1 billion green bonds, bringing its cumulative green bond portfolio to $2.75 billion and reinforcing its global leadership in sustainable finance.
Greek Prime Minister Kyriakos Mitsotakis arrived in Ankara on Wednesday, where Turkish President Recep Tayyip Erdoğan held an official welcoming ceremony at the Presidential Palace, marking the start of high-level talks between the two NATO allies.
A senior adviser to Iran’s Supreme Leader said on Tuesday that negotiations with the United States must remain focused on the nuclear issue and be grounded in realism, as Washington and Tehran prepare to resume talks mediated by Oman.
James Van Der Beek, who rose to fame as Dawson Leery in the hit teen drama Dawson’s Creek, has died aged 48 following a battle with stage 3 colorectal cancer.
Canadian Prime Minister Mark Carney said a bridge project linking Canada’s Ontario province with the U.S. state of Michigan would contribute to cooperation between the two countries.
U.S. President Donald Trump and Prime Minister of Israel Trump hosted Netanyahu for closed-door talks focused on negotiations with Tehran, Gaza and wider rBenjamin Netanyahu ended a two-and-a-half-hour meeting at The White House on Wednesday without reaching agreement on how to move forward on Iran.
The Trump administration on Thursday finalised rules revoking the Environmental Protection Agency’s authority to regulate greenhouse gas emissions, a move that significantly reshapes long-standing U.S. climate policy.
Tropical Cyclone Gezani has killed at least 31 people and left four others missing after tearing through eastern Madagascar, the government said on Wednesday, with the island nation’s second-largest city bearing the brunt of the destruction.
Rivers and reservoirs across Spain and Portugal were on the verge of overflowing on Wednesday as a new weather front pounded the Iberian peninsula, compounding damage from last week's Storm Kristin.
Morocco has evacuated more than 100,000 people from four provinces after heavy rainfall triggered flash floods across several northern regions, the Interior Ministry said on Wednesday.
Greenland registered its warmest January on record, sharpening concerns over how fast-rising Arctic temperatures are reshaping core parts of the island’s economy.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment