Masdar And Iberdrola Invest Billions in UK And German Offshore Wind Energy
Madrid, Spain – Spanish energy company Iberdrola and Abu Dhabi’s state-owned renewable energy company Masdar are driving Europe’s energy transition forward with multi-billion-euro projects. A record investment in the East Anglia THREE offshore wind farm and the full commissioning of the Baltic Eagle offshore wind farm in Germany mark the latest milestones of their strategic partnership.
United Kingdom: Green light for 1.4 GW offshore wind farm
With their planned joint investment of €5.2 billion in the UK’s East Anglia THREE offshore wind farm, Masdar and Iberdrola have completed the largest offshore wind transaction of the decade. Both companies will each hold a 50 percent stake in the project, which will have a capacity of 1,400 MW (1.4 GW).
On July 9, project financing of around €4.1 billion was signed with a consortium of 24 international banks. According to company statements, the financing was oversubscribed by 40 percent. Completion of the transaction is expected shortly. The loan covers a significant portion of the total costs without the debt being consolidated on Masdar’s or Iberdrola’s balance sheets.
The project benefits from a 15-year CPI-indexed Contract for Difference (CfD) awarded under the UK government’s AR4 and AR6 auctions, as well as a power purchase agreement (PPA) signed with Amazon in 2024.
The East Anglia THREE offshore wind project is being built about 69 km off the English east coast near Suffolk/Norfolk in the southern North Sea and is scheduled to start supplying clean electricity to around 1.3 million British households by the end of 2026. The project will use 95 Siemens Gamesa SG 14-236 DD offshore wind turbines, each with a capacity of 14.7 MW. Iberdrola’s subsidiary Scottish Power Renewables (SPR) will oversee local operations and project delivery.
Germany: Baltic Eagle offshore wind farm fully commissioned
In parallel, Masdar and Iberdrola announced the full commissioning of their Baltic Eagle offshore wind farm in the German Baltic Sea. The 476 MW project represents the first major milestone of their strategic partnership agreed in December 2023.
Construction of the Baltic Eagle offshore wind farm began in April 2022. The total investment for Baltic Eagle, with its 50 Vestas V174-9.5 MW offshore turbines (each 9.5 MW), amounts to approximately €1.6 billion. Masdar holds a 49 percent stake, while Iberdrola holds 51 percent. Baltic Eagle was fully connected to the grid at the end of 2024 and has since been supplying green electricity to around 475,000 households.
Baltic Eagle is part of Iberdrola’s strategic project complex in the German Baltic Sea, known as the “Baltic Hub,” which also includes the operational Wikinger offshore wind farm (350 MW) and Windanker (315 MW, with planning approval).
About Masdar and Iberdrola
Masdar from the United Arab Emirates aims to expand its global clean energy capacity to 100 GW (100,000 MW) by 2030, with up to 30 GW (30,000 MW) planned to come from Europe. In 2024 alone, Spanish utility Iberdrola invested over €5.4 billion in renewable energy, commissioning more than 2,600 MW of new renewable capacity.
Iberdrola CEO Ignacio Galán emphasized the importance of the collaboration: “Partnerships such as this one are vital in accelerating energy security and competitiveness and working towards delivering ambitious climate targets. With Masdar, we have a partner who shares our vision and commitment.”
Masdar CEO Mohamed Jameel Al Ramahi added: “Our strategic co-investments with Iberdrola in East Anglia THREE and Baltic Eagle demonstrate how ambitious cross-border partnerships can deliver transformative impact at scale. Together, we are setting a new benchmark for offshore wind collaboration, and we are looking forward to deepening this partnership as Europe accelerates its renewable energy targets.”
Source: IWR Online, Jul 07 2025