Iberdrola and Masdar have recently announced a strategic partnership agreement to co-invest in offshore wind and green hydrogen projects across the United Kingdom, the United States, and Germany. This groundbreaking agreement, unveiled at COP28 in Dubai, will see both companies explore potential joint projects and commit to investing an impressive sum of up to 15 billion euros ($16.25 billion), according to a statement released by the Spanish energy company on Tuesday.
One of the notable projects currently under consideration is the 1,400-megawatt U.K. East Anglia 3 offshore wind farm. Masdar's potential stake in this venture could reach 49%, and negotiations have been ongoing for several months. A final agreement has the potential to be reached by the end of the first quarter of 2024, as stated by Iberdrola.
It is important to note that East Anglia 3 is already under construction, with full commissioning anticipated in the fourth quarter of 2026. In addition to this project, both Iberdrola and Masdar are actively collaborating to identify further investment opportunities in the sector.