Energy giants Iberdrola and Masdar have joined forces in a strategic partnership, committing to jointly invest up to €1.5 billion, announced at the COP28.
This collaboration signals a significant leap forward in the global transition to renewable energy, as the companies explore offshore wind and green hydrogen projects in key regions, including Germany, the United Kingdom, and the United States.
The alliance builds upon the success of an existing co-investment agreement for the Baltic Eagle project in Germany. Iberdrola and Masdar, a prominent renewables group based in Abu Dhabi, now set their sights on expanding their footprint in the renewable energy landscape. This collaboration is poised to amplify their impact on the industry and contribute to achieving the ambitious renewable energy targets set at COP28.
The first milestone under this strategic alliance is the co-investment in the British East Anglia 3 offshore wind project, boasting a colossal capacity of 1,400 megawatts (MW). This project, currently in the final negotiation phase, is anticipated to be signed by the end of the first quarter of 2024. The East Anglia 3 wind farm is already under construction, with an expected online date in the fourth quarter of 2026. It is projected to power over 1.3 million British homes and generate 2,300 jobs.
Beyond the East Anglia 3 endeavor, Iberdrola and Masdar envision joint investments in future offshore wind and green hydrogen projects in Europe and other global markets. The partners are actively identifying opportunities, and the overall investment in these ventures is projected to reach an impressive €15 billion. This commitment, announced on the global stage at COP28, underscores both companies’ dedication to expediting the worldwide shift towards sustainable energy solutions.
As the world grapples with the imperative to triple renewable energy capacity, the Iberdrola-Masdar partnership stands as a beacon of collaboration and innovation. The joint pursuit of offshore wind and green hydrogen projects reflects a shared commitment to creating jobs, powering homes, and reducing emissions on a global scale. This alliance, born at COP28, is poised to leave an indelible mark on the trajectory of the renewable energy sector.