US$16.1bn set for offshore wind and green hydrogen projects

Green energy giants Iberdrola and Masdar’s strategic partnership was announced at COP28 and will develop offshore wind and green hydrogen projects

A €15 billion (US$16.1bn) strategic partnership agreement has been announced between Iberdrola and Masdar across the key energy markets — offshore wind and green hydrogen — in geographies including Germany, the UK and the US.

This announcement at COP28 comes off the back of the parties’ successful co-investment in Baltic Eagle. This new milestone will achieve a further co-investment in relation to the 1,400MW UK East Anglia 3 offshore wind project, in the North Sea. It is expected to be signed by the end of Q1 2024. 

A ‘determination to continue delivering’

Currently under construction, full commissioning of East Anglia 3 is scheduled for Q4 2026 and upon completion will generate enough clean energy to power more than 1.3 million UK homes and will create 2,300 jobs.

As well as this, as part of the partnership both Iberdrola and Masdar will work together to jointly invest in future offshore wind and green hydrogen projects in Europe and other markets, with the anticipated total value of joint investments as part of the alliance could reach €15 billion. 

HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President, said: “We welcome this partnership which will see global clean energy pioneers, Masdar and Iberdrola, coming together to use their expertise and resources to advance renewables in Europe and around the world.” 

Iberdrola’s Executive Chairman, Ignacio Galán, added: “Now that 118 governments have already pledged to triple renewable energy capacity by 2030 at COP28, reaching this goal will require immediate action from these governments and the private sector. Following our long-term commitment to renewables, networks and storage, this innovative alliance with Masdar today shows once again our determination to continue delivering.

“By combining our renewables experience and financial strength with those of Masdar, we can deliver more secure, competitive and clean energy quicker.”

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