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Iberdrola and Masdar, a significant Abu Dhabi-based renewable energy group, have entered into a strategic partnership to jointly invest in the Baltic Eagle offshore wind farm, which boasts a capacity of 476 MW and is situated in the German Baltic Sea. With all regulatory approvals secured, Iberdrola will hold a majority share of 51% in this initiative, contributing to Europe’s path to enhanced energy self-sufficiency.
The project’s overall value stands at approximately 1.6 billion euros. Iberdrola will be responsible for the project’s management and control, offering operational and maintenance services, in addition to various corporate services. The agreement, signed in July by Ignacio Galán, executive chairman of Iberdrola, and Masdar’s CEO, Mohamed Jameel Al Ramahi, is part of a broader commitment between the two leaders in clean energy. It is a crucial milestone and a significant transaction that strengthens their partnership, enabling further exploration of renewable energy investments spanning various technologies and regions.
Baltic Eagle is slated to feature 50 wind turbines, each boasting a capacity of 9.53 MW, constructed on monopile foundations. The project is anticipated to yield 1.9 terawatt-hours (TWh) of clean electricity annually, satisfying the energy needs of approximately 475,000 households and preventing the emission of 800,000 tonnes of CO2 into the atmosphere annually.
The wind farm is scheduled to commence operations by the end of 2024, offering a minimum regulated tariff of €64.6/MWh for the first two decades. Furthermore, it has already secured long-term contracts for 100% of its production.