Masdar and Iberdrola have reached two major milestones with a EUR 5.2 billion (USD 6.09 billion) co-investment in the UK's East Anglia THREE offshore wind farm and the full energization of their 476 MW Baltic Eagle project in Germany. The East Anglia THREE project is one of the largest offshore wind transactions of the decade, with each company holding 50% and joint governance. The project is expected to deliver enough clean energy to power 1.3 million British homes.

Project Details

The East Anglia THREE wind farm is located off the Suffolk coast in the UK and will become one of the world's two largest offshore wind farms when it comes into initial operation in Q4 2026. The project benefits from long-term revenue security through a 15-year CPI-linked Contract for Difference (CfD) awarded in the UK Government's AR4 and AR6 auctions, as well as a Power Purchase Agreement (PPA) with Amazon signed in 2024.

Masdar's First Project

Baltic Eagle is Masdar’s first project with Iberdrola, its first in Germany and resulted in the company’s largest ever euro-denominated financing. As the first project completed under the strategic partnership, the 476 MW wind farm represents a major step forward in supporting Germany’s clean energy ambitions, reinforcing both companies’ leadership in renewable energy development. It will supply around 475,000 households with renewable energy while reducing carbon dioxide emissions by about 800,000 tons per year.

Baltic Eagle is the second of Iberdrola's three major wind farm projects in Germany, along with Wikinger (350MW, in operation) and Windanker (315MW, in planning). Collectively, these offshore wind farms form Iberdrola's Baltic Hub.

Financial Impact

The project financing for East Anglia Three was signed for approximately GBP 3.5 billion (USD 4.739 billion) - around EUR 4.1 billion euros - with 24 international banks. Oversubscribed by 40%, the facility is one of the largest ever such transactions. It will cover a substantial part of the total costs of the project, estimated at approximately EUR 5.2 billion (approximately USD 6.09 billion), without consolidating debt in any of the partners' financial statements.

Partnership and Future Plans

The Masdar-Iberdrola partnership is one of the largest bilateral alliances in the global clean energy sector, with a EUR 15 billion strategic partnership to accelerate clean energy deployment across key markets including the UK, Germany, and the US. The partnership aims to triple global renewable capacity by 2030. With the completion of the Baltic Eagle project and the upcoming East Anglia THREE project, Masdar and Iberdrola are advancing their commitment to clean energy and reducing carbon dioxide emissions. The announcement marks a significant step forward for both companies in their mission to accelerate the global energy transformation, and they will continue to work together to achieve their goals.

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