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Iberdrola and Masdar signed a strategic partnership agreement worth USD 16 billion to develop offshore wind and green hydrogen projects in major markets like Germany, the United Kingdom, and the United States. Iberdrola and Masdar announced the agreement on Tuesday during the COP 28 summit in Dubai.
As an initial step in the collaboration, Masdar will acquire a maximum 49% stake in Iberdrola's East Anglia offshore wind project in the UK, which has a capacity of 1.4 gigawatts (GW). Apart from the East Anglia 3 transaction, both companies will collaborate to jointly invest in future offshore wind and green hydrogen projects in Europe.
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Masdar Chief Executive Mohamed Jameel Al Ramahi stated that Europe is a prime market for green energy projects due to its abundance of resources. The two companies have previously formed a joint venture to develop an offshore wind farm in Germany. Furthermore, Dr. Sultan Al Jaber, Chairman of Masdar, mentioned that at COP 28, the world must take a pledge to triple its global renewable energy capacity by 2030.
About East Anglia Project
The East Anglia 3 project is a proposed 1,400 MW offshore wind farm located in the North Sea, approximately 69 kilometers off the coast of Great Yarmouth in England. It is the second project to be developed in the East Anglia Zone, following the commissioning of East Anglia ONE in 2020. Key features of the East Anglia 3 project:
- Capacity: Up to 1.4GW, enough to power over 1.3 million homes
- Number of turbines: Up to 100
- Turbine size: Up to 247 meters tall
- Expected completion date: 2026
A group of companies, including Iberdrola's subsidiary ScottishPower Renewables, are developing the East Anglia 3 project. The project partners also include Greencoat UK Wind and Macquarie's Green Investment Group.
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About Iberdola
Iberdrola is a Spanish multinational electric utility company headquartered in Bilbao, Spain. With a market capitalization of €66.7 billion as of 2023, it is the world's second-largest electricity utility by market capitalization and the largest producer of wind power.
Iberdrola has a workforce of 40,000 employees and operates in more than 30 countries. It is a leading player in the development of renewable energies, with a total installed capacity of over 41,000 MW of renewable energy, including wind, solar, hydro, and biomass. Apart from the Anglia 3 project, Iberdola is working on many other projects, such as:
The Oitis project is Iberdrola's largest onshore wind farm project in Latin America. It is located in Brazil and will have a total capacity of 500 MW. The project is expected to be completed in 2024.
The Tâmega project is one of the largest hydroelectric projects in Europe. It is located in Portugal and will have a total capacity of 1,158 MW. The project is expected to be completed in 2024.
The Baltic Eagle project is a 476 MW offshore wind farm located in the German Baltic Sea. It is expected to be completed in 2024.
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About Masdar
Masdar, also known as the Abu Dhabi Future Energy Company, is a United Arab Emirates (UAE) state-owned renewable energy company and a global clean energy powerhouse. Founded in 2006, Masdar's mission is to advance the adoption of clean energy solutions and accelerate the transition to a sustainable future.Apart from the Anglia 3 project, Masdar is working on many other projects, such as:
10 GW of Clean Energy Project: Malaysia
Masdar has signed an agreement with the Malaysian Investment Development Authority (MIDA) to develop up to 10 gigawatts (GW) of clean energy projects in Malaysia. This includes solar power plants, wind farms, and battery energy storage systems, aiming to contribute to Malaysia's renewable energy goals.
4 GW Green Hydrogen Plant: Egypt
Masdar has partnered with Egypt to develop 4 GW of green hydrogen plants by 2030. This ambitious project aims to position Egypt as a leading producer and exporter of green hydrogen, contributing to global decarbonization efforts.
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