Reading Time: 2 minutes
At COP28 in Dubai, Iberdrola and Masdar announced a €15 billion partnership for offshore wind and green hydrogen projects in Germany, the UK, and the USA. The alliance aims for a co-investment in the 1,400 MW UK East Anglia 3 offshore wind project, with Masdar potentially holding a 49% stake.
The project, set for full commissioning in Q4 2026, secured a 15-year CPI-linked Contract for Difference from the UK Government. The companies plan joint investments in future projects, anticipating a total value of €15 billion, signaling a strong commitment to global energy transition at COP28.
Speaking about the development, 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. At COP28, we know that the world must triple global renewable energy capacity by 2030 to keep 1.5C within reach. Robust partnerships such as the one between Masdar and Iberdrola today will propel us towards this goal.”
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. We are very pleased to be expanding our existing alliance with a leading long-term partner like Masdar from Germany, where we are already constructing new offshore wind turbines, to the UK and across the world.”
Masdar’s Chief Executive Officer, Mohamed Jameel Al Ramahi, noted, “We are delighted to be working with our strategic partners, Iberdrola, once again as we explore developing one of the UK’s largest offshore wind farms and other prospects in Europe. With an abundance of wind resources, the UK and Europe are prime markets for Masdar. As we target 100GW by 2030, Masdar is focused on developing innovative projects from the very early stages to further strengthen our offshore wind expertise. We have been active in the UK for more than a decade, pioneering landmark projects including the world’s first floating offshore wind farm. At COP28, as the world looks to triple renewable energy capacity to secure a greener future, projects such as the 1,400MW East Anglia 3 offshore wind farm show how we can create jobs, power homes and cut emissions.”
