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.
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