Skip to content

Giant Offshore Wind Farm Collaboration Between Masdar and Iberdrola Coupled with a €5.2 Billion Investment in the UK's Biggest Wind Energy Venture

Renewable energy giants Masdar and Iberdrola collectively invest 5.2 billion euros in the 1.4 GW East Anglia THREE offshore wind project in the UK, culminating in the decade's largest offshore wind financing agreement.

Offshore Wind Giant Partnership: Masdar and Iberdrola Agree on €5.2 Billion Venture for UK's...
Offshore Wind Giant Partnership: Masdar and Iberdrola Agree on €5.2 Billion Venture for UK's Largest Wind Energy Project

Giant Offshore Wind Farm Collaboration Between Masdar and Iberdrola Coupled with a €5.2 Billion Investment in the UK's Biggest Wind Energy Venture

**Masdar and Iberdrola's Strategic Alliance Accelerates Europe's Energy Transition**

In a significant stride towards renewable energy development, the joint venture between Masdar and Iberdrola has made substantial progress in the offshore wind sector. Two major milestones mark the strategic alliance, underscoring their commitment to the energy transition across Europe.

The first milestone is the East Anglia THREE Project, a 1.4 GW offshore wind farm located approximately 69 km off the Suffolk coast in the southern North Sea. Masdar and Iberdrola have finalised a €5.2 billion co-investment agreement, each holding a 50% stake with joint governance. This makes the East Anglia THREE the largest offshore wind transaction of the decade.

The project will utilise 95 Siemens Gamesa SG 14-236 DD offshore wind turbines, each with a capacity of 14.7 MW, aiming to generate a total of 1.4 GW. The financing of roughly €4.1 billion was secured from a consortium of 24 international banks, with the project expected to create over 2,300 jobs. Construction is scheduled to start in late 2024, and the project is expected to supply clean electricity to approximately 1.3 million UK homes by late 2026. Iberdrola’s subsidiary Scottish Power Renewables (SPR) will oversee project delivery and local operations.

The project benefits from a 15-year Contract for Difference (CfD) indexed to the Consumer Price Index awarded under UK government auctions, plus a power purchase agreement with Amazon signed in 2024.

The second milestone is the Baltic Eagle Offshore Wind Farm, a 476 MW project now fully energized and operational in Germany. This marks the partners’ inaugural offshore wind project, demonstrating the operational capability of their partnership in delivering large-scale offshore wind projects.

These developments highlight the €15 billion strategic partnership between Masdar and Iberdrola aimed at scaling offshore wind and green hydrogen production across the UK, Germany, and the US. The projects contribute significantly to Europe and the UK’s offshore wind targets, as well as global renewable capacity ambitions, with the partners committed to tripling global renewable energy capacity by 2030.

Masdar's expansion in Europe includes the acquisition of Saeta Yield in Spain and TERNA ENERGY in Greece in 2024, positioning the company to contribute up to 30 GW of clean energy capacity in the region. Iberdrola remains a PPA market leader in Europe, having signed 1,250 MW worth of long-term energy deals with industrial partners in 2024 alone.

The alliance's goal is to help accelerate Europe’s offshore wind deployment goals and contribute to global efforts to triple renewable capacity by 2030, aligning with net-zero ambitions and climate targets. Masdar's Chief Executive Officer, Mohamed Jameel Al Ramahi, has commented on the partnership, saying it underscores their commitment to driving Europe's energy transformation and advancing global climate goals. Iberdrola invested €17 billion in 2024 to support the global energy transition, including over €5.4 billion in renewables, adding 2,600 MW of green energy capacity to its portfolio. The recent achievements represent a powerful blueprint for scaling clean energy through strategic global partnerships.

The first sentence that follows: Masdar, through their strategic alliance with Iberdrola, has demonstrated a strong commitment to clean energy by co-investing in the East Anglia THREE Project, which aims to generate a significant amount of renewable energy via offshore wind turbines for supplying clean electricity to millions of homes.

The second sentence that follows: As a result of the success of the East Anglia THREE Project, Masdar and Iberdrola’s joint venture has already gained momentum in the sports industry, securing a power purchase agreement with Amazon and expanding their energy partnerships in Europe, including investments in Spain, Greece, and the US, fostering a greener, more sustainable sports environment.

Read also:

    Latest