Energy companies Iberdola and Masdar will co-invest €5.2 billion in the UK’s 1.4 gigawatt (GW) East Anglia THREE offshore wind farm–which the company said is the largest offshore wind transaction of the decade–and the full energization of their 476 megawatt (MW) Baltic Eagle project in Germany.
The company said these developments mark significant progress in delivering Europe and the UK’s offshore wind targets and advancing the companies’ €15 billion strategic partnership to accelerate clean energy deployment across key markets including the UK, Germany, and the U.S. The companies have committed to tripling global renewable capacity by 2030.
Under the agreement, each company will have a 50% stake in and co-governance of the East Anglia THREE offshore wind farm. Project financing was signed for approximately £3.5 billion–around €4.1 billion–with 24 international banks. The companies said the facility was oversubscribed by 40% and will cover a substantial part of the total costs of the project, estimated at approximately €5.2 billion, without consolidating debt in any of the partners’ financial statements.
The offshore wind project has a 15-year CPI-linked Contract for Difference (CfD), as well as a Power Purchase Agreement (PPA) with Amazon signed in 2024.
Masdar and Iberdrola have also completed the 476MW Baltic Eagle offshore wind farm in the German Baltic Sea which is expected to reduce carbon dioxide emissions by about 800,000 tons per year.
“This landmark partnership underscores our commitment to driving Europe’s energy transformation and advancing global climate goals,” said Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar. “Our strategic co-investments with Iberdrola in East Anglia THREE and Baltic Eagle demonstrate how ambitious cross-border partnerships can deliver transformative impact at scale.”
