Iberdrola will invest together with the Emirati Masdar 15,000 million in hydrogen and offshore wind

Iberdrola has teamed up with Abu Dhabi’s largest renewables company, Masdar, to jointly invest 15 billion euros in hydrogen and offshore wind projects in the United States, Germany and the United Kingdom.

The agreement has been signed by the president of Iberdrola, Ignacio Galán, and the CEO of Masdar, Mohamed Jameel Al Ramahi, during the COP28 that is being held these days in the United Arab Emirates.

The most visible project of the new alliance consists of the co-investment in the future East Anglia 3 offshore wind farm, located in the waters of the United Kingdom and with a power of 1,400 megawatts (MW). Its development is in the final negotiation phase and could be signed at the end of the first quarter of 2024.

Masdar will assume a stake that could reach up to 49% of this wind complex, which is already in the construction phase and for which Iberdrola has signed supply projects with the British Government.

The two companies have already invested together in the German Baltic Eagle offshore wind farm and consider the experience to have been a success. The idea is to evaluate the development of new projects in countries considered strategic. The project will create 2,300 jobs.

Iberdrola’s ally is owned by the sovereign fund Abu Dhabi National Oil Company (Adnoc) and the Abu Dhabi National Energy Company (TAQA), in addition to the Emirati fund Mubalada, which is the owner of Cepsa.

“After decades of commitment to renewables, networks and storage, this innovative alliance with Masdar today once again demonstrates our determination to continue increasing investments,” says the president of Iberdrola in a statement.

“We are delighted to be working once again with our strategic partner, Iberdrola, as we explore the development of one of the largest offshore wind farms in the UK and other projects in Europe,” says Masdar’s CEO.

Masdar has the UK and Europe as its two main markets for investment in renewables. Its intention is to achieve a portfolio equivalent to 100,000 MW by the end of 2030, a power greater than all the current installed electrical capacity in Spain.

Iberdrola has offshore wind projects under construction worth more than 10 billion euros which, according to the company, are progressing as planned and which have both financing and the supply chain secured.