Blog
10th July 2025
Image Source: Iberdrola
Masdar and Iberdrola have achieved two major milestones in their strategic alliance by finalizing a €5.2 billion co-investment in the East Anglia THREE offshore wind farm in the United Kingdom and completing the full energization of their 476 MW Baltic Eagle project in Germany. These accomplishments significantly advance the companies' €15 billion commitment to scale offshore wind and green hydrogen projects across key markets including the UK, Germany, and the United States.
The East Anglia THREE project, located off the coast of Suffolk, will have a generation capacity of 1.4 GW, making it one of the largest offshore wind farms globally once operational in late 2026. Both Masdar and Iberdrola will hold a 50 percent stake and jointly govern the asset. Supported by long-term revenue mechanisms, including a 15-year Contract for Difference and a Power Purchase Agreement with Amazon, the project will provide clean electricity to 1.3 million homes in the UK. It is expected to create over 2,300 jobs during construction and support 100 long-term operational roles.
Baltic Eagle, now fully energized, is located in Germany’s Baltic Sea and will deliver renewable power to nearly 475,000 households while reducing carbon emissions by around 800,000 tonnes annually. The project is the first to be completed under the Masdar and Iberdrola alliance and adds to Iberdrola’s growing offshore wind hub in Germany, which also includes the Wikinger and upcoming Windanker developments.
This partnership exemplifies a cross-border collaboration model that leverages shared capital, market presence, and technical expertise to deliver transformative energy infrastructure. It also signals a firm response to growing demand for renewable power, driven by AI growth and industrial electrification across Europe.
Commenting on the milestone, HE Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, said:
“Masdar and Iberdrola are continuing to forge one of the largest and most powerful strategic clean energy partnerships to accelerate capacity growth in Europe and worldwide. Offshore wind will play a crucial role in the global energy transformation, and landmark developments like Baltic Eagle and East Anglia THREE are significant advances towards clean energy targets in major European nations.”
Ignacio Galán, Iberdrola’s Executive Chairman, stated:
“Today is an important landmark in our global partnership with Masdar. Partnerships such as this one are vital in accelerating energy security and competitiveness and working towards delivering ambitious climate targets. Joining forces with Masdar in the East Anglia THREE offshore windfarm will allow Iberdrola to accelerate our strategic focus on the UK, where we are investing £24 billion to 2028.”
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, added:
“This landmark partnership underscores our commitment to driving Europe’s energy transformation and advancing global climate goals. Our co-investments in East Anglia THREE and Baltic Eagle demonstrate how ambitious cross-border partnerships can deliver transformative impact at scale. We are proud to be part of some of the region’s most iconic renewable energy developments.”
Looking ahead, Masdar and Iberdrola are already evaluating additional co-investment opportunities to expand their partnership. Masdar continues to progress toward its 2030 goal of 100 GW global renewable capacity, with a significant portion expected to come from Europe. Iberdrola, having invested over €17 billion in renewables and grids in 2024 alone, remains one of the most active global developers of clean energy infrastructure.
Together, these developments highlight the role of global alliances in unlocking large-scale renewable projects and addressing the urgent need for energy decarbonization, economic resilience, and long-term energy security.
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