Iberdrola and Masdar joined forces at COP28, putting €15 billion (£12.8bn) into offshore wind and green hydrogen projects.
They worked together before on the Baltic Eagle project and plan to impact markets in Germany, the UK and the US.
They’re focusing on Masdar potentially investing 49% in the 1,400-MW UK East Anglia Three offshore wind project, aiming to finalise the deal by the first quarter of 2024.
East Anglia Three, under construction and set to finish in the fourth quarter of 2026, secured a 15-year Contract for Difference from the UK Government.
It’s predicted to power 1.3 million British homes and create 2,300 jobs.
Beyond the UK, Iberdrola and Masdar are exploring more joint ventures in global offshore wind and green hydrogen initiatives.
This collaboration reflects their commitment to speeding up the global shift to clean energy.
Iberdrola’s Executive Chairman, Ignacio Galán, said: “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.”
Masdar’s Chief Executive Officer, Mohamed Jameel Al Ramahi, said: “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.”
