US EditionMasdar and Iberdrola reach $6bn deal on gigascale UK offshore wind project
ENGLAND, UNITED KINGDOM, JUL 10 – The $6 billion investment will develop a 1.4 GW offshore wind farm powering 1.3 million homes, backed by 24 banks in one of the decade's largest renewable energy deals.
- Masdar and Iberdrola signed a $6.1 billion deal in 2024 to co-invest equally in the 1.4 GW East Anglia III offshore wind farm off Suffolk, UK.
- The agreement builds on their 2023 collaboration, which includes commitments of up to €15 billion to develop renewable energy initiatives focused on maritime wind farms and hydrogen production in the UK, Germany, and the United States.
- East Anglia III received UK government contracts for difference in 2022 and 2024, started onshore construction in July 2022, and offshore work began early 2024.
- The project financing secured £4.1 billion from 24 international banks, 40% oversubscribed, supporting a total cost of about €5.2 billion; East Anglia III will power 1.3 million homes.
- This deal represents a record-breaking offshore wind investment for the decade and supports Europe’s clean energy goals, reflecting increasing demand fueled by rapid AI expansion and growth in emerging markets.
19 Articles
19 Articles
Masdar, Iberdrola to build €5B UK wind farm
Abu Dhabi’s renewables giant Masdar and Spain’s Iberdrola agreed to build a €5.2 billion ($6.1 billion) offshore wind farm off the eastern British coast, in what they called one of the largest such projects this decade. The 1.4-gigawatt facility, set for completion by the end of 2026, will be able to power 1.3 million homes, with capacity already sold to the UK government and Amazon.The two companies committed in 2023 to jointly invest up to €15…
Iberdrola and Masdar Complete Largest Offshore Wind Financing in a Decade
Iberdrola, one of the world’s largest energy companies, and Masdar, Abu Dhabi's state-owned renewable energy company, marked key milestones in their partnership, which was launched in 2023 to invest in renewable energy. The companies reported they completed the largest offshore wind transaction in a decade for the financing of the UK’s East Anglia Three Project, while they also reached full energization of their first joint project. The alliance…
Iberdrola and the Emirati Masdar group announced this Thursday an agreement of co-investment of 5,2 billion euros in a new marine wind farm, East Anglia Three, which will become the largest project realized in the decade in offshore wind energy and the largest co-investment of Iberdrola to date.With this agreement, each company will have a 50% stake in the asset, as announced this Thursday by the companies in a statement. Located off the Suffolk…
Masdar and Iberdrola Strike €5.2B Deal for UK's Largest Offshore Wind Project
Featured image sourced from Iberdrola press release Masdar, the UAE-based clean energy powerhouse, and Spanish energy giant Iberdrola have taken a major leap in global offshore wind development. The duo announced a €5.2 billion co-investment in the 1.4 GW East Anglia THREE project in the UK. The press release highlighted that it’s the largest offshore wind transaction of the decade. Each company will hold a 50% stake and share governance of the…
Masdar powers ahead in UK – Asian News from UK
€15 billion clean energy alliance powers ahead with East Anglia THREE investment and Baltic Eagle energisation….reports Asian Lite News Masdar, the UAE-based global clean energy powerhouse, and Iberdrola, one of the world’s largest energy firms, have marked two pivotal milestones in their strategic partnership with a major co-investment in the UK’s East Anglia THREE offshore wind farm and the successful full energisation of the Baltic Eagle proj…
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