Abu Dhabi-based Masdar has signed a strategic partnership with Iberdrola to co-invest in the 476 MW Baltic Eagle offshore wind farm in the German Baltic Sea.
According to the terms of the deal, the Baltic Eagle wind farm is valued at approximately EUR 1.6 billion.
Under the agreement, Iberdrola will control and manage the asset, providing operation and maintenance services and other corporate services by retaining a 51 per cent majority stake.
The deal was signed in Madrid by Ignacio Galan, Iberdrola’s Executive Chairman, and Masdar’s Chief Executive Officer, Mohamed Jameel Al Ramahi, as part of a wider acknowledgment agreement between the two clean energy powerhouses.
“ This landmark agreement between Masdar and Iberdrola will harness Germany’s abundant wind power in the Baltic Sea and bring electricity to nearly half a million homes, while cutting emissions. As the UAE looks ahead to hosting COP28, partnerships such as this show how we can hold back emissions, without holding back progress “, said Sultan Ahmed Al-Jaber , UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President-Designate.
In September 2022, the UAE and Germany signed an agreement to advance projects of joint interest in areas including energy security, decarbonization, and climate action.
The Energy Security and Industry Accelerator Agreement (ESIA) signed between the two countries involved plans for Masdar to explore offshore wind opportunities in the Baltic Sea to support Germany’s clean energy goals.
The Baltic Eagle project is currently under construction in the German Baltic Sea, northeast of the Rügen island off the Pomeranian coast, and is scheduled to be commissioned by the end of 2024.
The offshore wind farm will comprise 50 Vestas 9.5 MW wind turbines , installed on monopile foundations, and will be linked to the German high-voltage grid via the Ostwind 2 grid connection.
The 476 MW project is the second of three large-scale offshore wind farms Iberdrola has in Germany, alongside the 350 MW Wikinger and 300 MW Windanker.
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Collectively, the three wind projects form the company’s so-called Baltic Hub, which will have a total capacity of more than 1.1 GW by 2026 and account for an investment of about EUR 3.7 billion in total.
“ This is a major project that will help to drive forward green energy security in Europe, reduce emissions for homes and businesses, and support thousands of highly skilled jobs. Building long-term partnerships with sustainable leaders like Masdar will help Iberdrola to continue leading the energy transition globally “, said Ignacio Galan.