Spanish energy group Iberdrola and Abu Dhabi-based renewable energy company Masdar are advancing their international collaboration through a co-investment in the East Anglia Three offshore wind farm. The development, located off the coast of Suffolk, is valued at €5.2 billion and will be one of the world’s largest offshore wind farms in the world when it begins operations at the end of 2026.
East Anglia Three to create jobs and clean energy
With an installed capacity of 1,400 MW, East Anglia Three will supply green energy to 1.3 million British homes and generate 2,300 jobs during construction. Iberdrola and Masdar will share equal ownership of the facility, consolidating their joint strategy in renewable energy.
[post_relacionado]The project has long-term contracts that guarantee financial stability, including a Contract for Differences granted by the British government and a power purchase agreement recently signed with Amazon.
Ceremony for Iberdrola and Masdar’s strategic agreement. Source: Iberdrola
In addition to this progress, the Baltic Eagle park has Baltic Eagle in the Baltic Sea, of 476 MW, which already supplies renewable energy to some 475,000 homes and avoids the emission of 800,000 tons of CO₂ per year. Baltic Eagle is part of Iberdrola’s project portfolio in the region and reinforces its commitment to the development of sustainable energy infrastructures in Europe.
Renewable momentum in Europe, the UK and the US.
This initiative is part of the strategic agreement reached during COP28, whereby the two companies plan to jointly invest 15 billion euros in Germany, the United Kingdom and the United States, with the goal of tripling their renewable capacity by 2030.
With this transaction, Iberdrola continues to execute its asset rotation plan, which has allowed it to formalize transactions for 14 billion euros since 2024, boosting its growth and strengthening its financial position for new investments in networks and offshore wind energy.
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Source and photo: Iberdrola