Masdar, a renewable group from the Emirate of Abu Dhabi, joins forces with Iberdrola to co-invest in the Baltic Eagle offshore wind farm in Germany

Accelerate energy independence in Europe

The agreement was signed in Madrid by Ignacio Galán, president of Iberdrola, and the CEO of Masdar, Mohamed Jameel Al Ramahi, as part of a broader commitment between two clean energy powers.

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masdar, renewable group Emirate of Abu Dhabi, signs a strategic agreement with Iberdrola to co-invest in the German offshore wind farm Baltic Eagle with a power of 476 MW, located in the Baltic Sea. Iberdrola will have a majority percentage of 51% in the assets and thus accelerates energy independence in Europe.

According to the terms of the operation, the valuation of 100% of this wind farm amounts to approximately 1.600 billion euros. Iberdrola will control and manage the assets, providing operation and maintenance services and other corporate services.  

The agreement was signed in Madrid by Ignacio galan, president of Iberdrola, and the Masdar CEO Mohamed Jameel Al Ramahi as part of a broader commitment between two clean energy powerhouses. Both parties consider this a transaction of strategic importance and a fundamental milestone that strengthens a partnership that will allow further exploration of renewable energy investment opportunities in various technologies and regions.

Baltic Eagle will have 50 wind turbines of 9,53 MW of unit power on monopiles, for an annual production of 1,9 TWh, enough to sustainably satisfy the demand of 475.000 homes and avoid the emission of 800.000 tons of CO2 into the atmosphere. every year.

This park, which is scheduled to come into operation at the end of 2024, has a minimum regulated rate of €64,6/MWh for the first 20 years. In addition, it has already sold 100% of its production with long-term contracts.

 

The strategic partnership between Masdar and Iberdrola will help advance the ambitious development goals of offshore wind energy in Europe

 

Your excellence Sultan Al Jaber, Minister of Industry and Advanced Technology of the United Arab Emirates (UAE), president masdar And the designated president of COP28, stated: “When companies with a long track record as pioneers in clean energy join forces, lasting solutions for people and the planet are created. This historic agreement between Masdar and Iberdrola will harness the abundant wind energy of Germany in the Baltic Sea and will bring electricity to nearly half a million homes while reducing emissions. As the UAE prepares to host COP28, partnerships like this demonstrate how we can curb emissions without halting progress.”

Ignacio Galán, president of Iberdrola, has assured: “Offering the clean energy that the world needs requires companies with vision and commitment that are willing to make large investments in new infrastructure. Masdar brings all this to Baltic Eagle. This major project will help boost green energy security in Europe, will reduce emissions from homes and businesses and support thousands of high-skilled jobs. Building long-term alliances with sustainable leaders like Masdar will help Iberdrola continue to lead the energy transition globally.”

Your excellence Sultan Al Jaber and Ignacio Galan They met earlier this month. Ahead of the UAE hosting COP28, the two have addressed the urgent need to triple global renewable energy capacity to ensure that the Paris Agreement's goals of limiting global temperature rise can be achieved.

In September 2022, the UAE and Germany signed an agreement to promote projects of joint interest in areas such as energy security, decarbonization and climate action. The Energy Security and Industry Acceleration Agreement (ESIA) signed between both countries included plans for Masdar to explore offshore wind energy opportunities in the Baltic Sea to support Germany's clean energy goals. Today's agreement with Iberdrola, worth 1.600 billion euros, contributes to that objective.

The strategic partnership between Masdar and Iberdrola will help advance the ambitious development goals of offshore wind energy in Europe. By joining forces, two iconic clean energy companies will share knowledge and develop innovative solutions. This can also enable better project management practices and operational efficiencies, ultimately reducing costs and making offshore wind more competitive.