UAE – Mubasher: Masdar, known as Abu Dhabi Future Energy Company, recently inked a strategic agreement with global clean energy firm Iberdrola to co-invest in the Germany-based 476-megawatt (MW) Baltic Eagle offshore wind farm, according to a press release
As stated in the agreement, Iberdrola will own a majority 51% stake in the wind farm, which is worth EUR 1.60 billion. Thus, it controls the asset, provides operation and maintenance services, and offers other corporate services.
The deal was signed in Madrid by Iberdrola’s Executive Chairman, Ignacio Galan, and CEO of Masdar, Mohamed Jameel Al Ramahi. Furthermore, the joint agreement is part of a wider acknowledgement agreement between the two sides.
Meanwhile in September 2022, the UAE and Germany signed the Energy Security and Industry Accelerator Agreement (ESIA), which included plans for Masdar to explore offshore wind opportunities in the Baltic Sea.
Chairman of Masdar, Sultan Al Jaber, who serves as the UAE Minister of Industry and Advanced Technology and COP28 President-Designate, said: “When companies with long histories of pioneering clean energy join forces, it creates lasting solutions for people and the planet. 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.”
Iberdrola’s Executive Chairman, Ignacio Galan, commented: “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.”
It is worth noting that in 2022, Masdar sealed an agreement with the listed Abu Dhabi National Energy Company (TAQA) as well as Mubadala Investment Company for shareholding percentages.
