Abu Dhabi's renewable energy group Masdar and the Spanish energy group Iberdrola have announced a €5.2bn investment in the 1.4 GW East Anglia Three offshore wind project in Britain (United Kingdom). The companies will hold an equal share in the project, to be located 69 km off the Suffolk coast in the UK. The 1.4 GW project is expected to start operations in the fourth quarter of 2026 and help power 1.3 million homes. Once operational, the project is expected to sell all its energy through a CfD awarded by the British Government and a long-term PPA signed with Amazon in 2024.
Partners also announced the successful commissioning of their first joint investment, the 476 MW Baltic Eagle offshore wind park in the German Baltic Sea. The project will supply clean energy to around 475,000 homes and reduce CO₂ emissions by around 800 kt/year.
In 2023, during the UN COP28 climate conference, Masdar and Iberdrola signed a strategic agreement to jointly develop clean energy projects in key markets such as Germany, the United Kingdom and the United States with the commitment to triple renewable capacity by 2030.
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