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Masdar and Iberdrola have achieved two significant milestones in their €15 billion strategic partnership, advancing offshore wind development across Europe. The companies have finalized a €5.2 billion co-investment agreement for the UK’s 1.4GW East Anglia THREE wind farm—one of the largest offshore wind deals in recent years—and fully energized their 476MW Baltic Eagle project in Germany. These achievements support the UK and Europe’s offshore wind targets and reinforce Masdar and Iberdrola’s shared commitment to tripling global renewable energy capacity by 2030.
The East Anglia THREE project, located off the Suffolk coast, is now one of the world’s largest offshore wind initiatives under development. Masdar and Iberdrola will each hold a 50% stake and share governance. The project recently secured £3.5 billion (approximately €4.1 billion) in financing from 24 global banks, covering most of the total €5.2 billion cost. Construction is expected to create over 2,300 jobs and deliver clean electricity to 1.3 million UK homes starting in late 2026. It also benefits from a 15-year CfD from the UK Government and a Power Purchase Agreement with Amazon.
HE Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar said, “ Masdar and Iberdrola are continuing to forge one of the largest and most powerful strategic clean energy partnerships to accelerate capacity growth in Europe and worldwide. Offshore wind will play a crucial role in the global energy transformation, and landmark developments like Baltic Eagle and East Anglia THREE are significant advances towards clean energy targets in major European nations. With demand surging due to exponential AI growth and the rise of emerging markets, projects such as these have never been more critical.”
“Joining forces with Masdar in the East Anglia THREE offshore windfarm will allow Iberdrola to accelerate our strategic focus on the UK, where we are investing £24 billion to 2028 in transmission and distribution networks and in renewable energy, contributing to the delivery of the UK Government’s ambitious electrification plans. The completion of Baltic Eagle represents a new milestone in our partnership, reinforcing Iberdrola’s commitment to electrification and strengthening our presence in the Baltic Sea,” added Ignacio Galán, Iberdrola’s Executive Chairman.
In Germany, the companies have successfully completed and energized the Baltic Eagle offshore wind farm. This 476MW project will supply renewable electricity to nearly 475,000 homes and avoid 800,000 tons of CO₂ emissions annually. As the first project under the Masdar–Iberdrola alliance and Masdar’s inaugural German venture, Baltic Eagle also marks the company’s largest euro-denominated financing to date. It forms part of Iberdrola’s broader Baltic Hub, alongside the operational Wikinger wind farm and planned Windanker project.
