Two companies will invest in offshore wind and green hydrogen

eólica marina

Inspenet, December 31, 2023.

Iberdrola and Masdar , the Abu Dhabi-based renewable energy group, have revealed a strategic partnership aimed at jointly investing up to €15 billion in offshore wind and green hydrogen projects in Germany, the United Kingdom and the United States. This agreement was announced during the United Nations Climate Change Conference ( COP28 ) in the United Arab Emirates.

New offshore wind and green hydrogen projects

As a first step in this collaboration, after the joint investment in Baltic Eagle in Germany, both companies plan to invest in the East Anglia 3 offshore wind project in the United Kingdom, which has a capacity of 1,400 MW. The project is currently in the final stages of negotiation and is expected to be signed by the end of the first quarter of 2024. Masdar could acquire up to a 49% stake in this wind farm, which is already under construction and plans to begin operating in the fourth quarter of 2026.

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In July 2022, Iberdrola entered into contracts for differences (CfD) with the United Kingdom Government for the sale of energy generated by the wind farm, establishing a price that will be adjusted according to inflation. This project has the capacity to power more than 1.3 million British homes and will contribute to the creation of approximately 2,300 jobs.

As part of their strategic partnership, both companies will collaborate on joint investments for future offshore wind and green hydrogen projects in Europe and other markets. They are currently in the process of identifying new opportunities, and the total value of investment in offshore wind and green hydrogen projects is expected to reach €15 billion.

After decades of commitment to renewables, networks and storage, this innovative alliance with Masdar today once again demonstrates our determination to continue increasing investments ,” highlighted the president of Iberdrola.

Combining our experience in renewables and our financial strength with those of Masdar will allow us to develop more megawatts of clean energy more quickly, more competitively and safely ,” Galán added.

Masdar CEO Mohamed Jameel Al Ramahi has indicated that the group has been involved in the UK for the past decade, pioneering significant projects such as the world’s first floating offshore wind farm.

During COP28, Al Ramahi noted that, as the world seeks to triple renewable energy capacity for a more sustainable future, projects such as the 1,400 MW East Anglia 3 offshore wind farm exemplify how it can create jobs, deliver energy to homes and reduce emissions.

Likewise, the Minister of Industry and Advanced Technology of the United Arab Emirates, president of Masdar and president of COP28, Sultan Al Jaber, expressed his satisfaction with the alliance between Iberdrola and Masdar, ensuring that it will contribute to the objective of tripling global capacity. of renewable energy by 2030.

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