Clean Energy Giants Masdar (UAE) and Iberdrola Join Forces in €1.6 Billion / 476 MW Baltic Eagle Offshore Wind Farm Deal in Germany

Clean Energy Giants Masdar (UAE) and Iberdrola Join Forces in €1.6 Billion / 476 MW Baltic Eagle Offshore Wind Farm Deal in Germany

(IN BRIEF) Masdar, the UAE’s flagship renewable energy company, partners with Iberdrola, a global clean energy leader, to invest in the 476 MW Baltic Eagle offshore wind farm in the German Baltic Sea. Iberdrola will retain a majority 51% stake in the project, reaffirming its offshore wind leadership. The strategic agreement marks a critical milestone in advancing green energy security in Europe. Baltic Eagle is valued at €1.6 billion and is expected to provide clean electricity to approximately 475,000 homes while saving 800,000 tons of CO2 emissions annually. The wind farm is scheduled for operation by the end of 2024 and has already secured long-term contracts for its entire production.

(PRESS RELEASE) BILBAO, 26-Jul-2023 — /EuropaWire/ — Masdar, the UAE’s leading renewable energy company, has partnered with Iberdrola, a global clean energy leader, to co-invest in the 476-megawatt (MW) Baltic Eagle offshore wind farm located in the German Baltic Sea. The strategic agreement solidifies Iberdrola’s offshore wind leadership with 3,000 MW of projects under construction or secured without seabed costs, while Masdar strengthens its global wind portfolio and expands its role in the renewable energy sector.

Under the deal, Iberdrola will maintain a majority 51% stake in the Baltic Eagle project, reinforcing its commitment to green energy security in Europe. The wind farm, valued at approximately €1.6 billion, will feature 50 wind turbines with a unit capacity of 9.53 MW, collectively producing 1.9 terawatt-hours (TWh) of clean energy annually. This capacity is sufficient to power 475,000 homes and save 800,000 tons of CO2 emissions each year.

Scheduled for initial operation by the end of 2024, the Baltic Eagle wind farm will benefit from a minimum regulated tariff of €64.6/MWh for the first 20 years, and all its production is already committed through long-term contracts.

The agreement aligns with the Energy Security and Industry Accelerator (ESIA) agreement signed between the UAE and Germany last year, furthering the ambitions of both nations in advancing renewable energy, energy security, and climate action. This partnership holds particular significance ahead of the UAE hosting COP28, demonstrating how international cooperation can drive emissions reduction and sustainable progress.

Quotes:

HE Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar, and COP28 President-Designate, expressed his enthusiasm for the partnership, saying, “This landmark agreement between Masdar and Iberdrola will harness Germany’s abundant wind power in the Baltic Sea and bring electricity to nearly half a million homes, while cutting emissions. As the UAE looks ahead to hosting COP28, partnerships such as this show how we can hold back emissions, without holding back progress.”

Ignacio Galan, Iberdrola’s Executive Chairman, highlighted the importance of major investments in new infrastructure to deliver clean energy, stating, “This a major project that will help to drive forward green energy security in Europe, reduce emissions for homes and businesses, and support thousands of highly skilled jobs. Building long-term partnerships with sustainable leaders like Masdar will help Iberdrola to continue leading the energy transition globally.”

The strategic partnership between Masdar and Iberdrola will advance Europe’s offshore wind development targets. By combining their expertise, knowledge, and resources, the two clean energy powerhouses aim to drive innovation, enhance project management practices, and improve operational efficiencies, ultimately making offshore wind more competitive and contributing to a low-carbon future.

About Masdar:

Masdar, Abu Dhabi Future Energy Company, is a global leader in renewable energy and green hydrogen technologies. With projects in over 40 countries, Masdar aims to achieve a renewable energy portfolio capacity of at least 100 gigawatts (GW) and an annual green hydrogen production capacity of up to 1 million tonnes by 2030. The company has played a pivotal role in developing landmark renewable energy projects worldwide, including the Middle East’s first concentrated solar power plant and the world’s first utility-scale offshore floating wind farm. Through strategic alliances and partnerships, Masdar continues to drive the global transition towards cleaner and more sustainable energy sources.

About Iberdrola:

Iberdrola is a global clean energy leader and Europe’s largest electricity utility by market capitalization. With a focus on renewable energy, smart networks, and customer solutions, the company supplies energy to nearly 100 million people in numerous countries, helping support the energy transition and job creation in its supply chain. Iberdrola’s offshore wind portfolio includes operational projects such as West of Duddon Sands, Wikinger, and East Anglia ONE, with new projects like the Baltic Eagle set to expand its offshore wind capacity further. The company is committed to a sustainable energy model based on sound environmental, social, and governance principles.

Media contacts:

Tel: +34 91 784 32 32
comunicacioncorporativa@iberdrola.es

SOURCE: Iberdrola