Iberdrola and Masdar have announced a €15 billion strategic partnership agreement to evaluate the joint development of offshore wind and green hydrogen projects in key markets, including Germany, the UK, and the USA.After the parties’ co-investment in Baltic Eagle in Germany, the aim of this alliance will be to achieve 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.
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. Work to identify other opportunities is already underway, and it is anticipated that the total value of joint investments in offshore wind and green hydrogen as part of the alliance could reach €15 billion.
