Iberdrola and Masdar, the renewable energy group from the emirate of Abu Dhabi, have signed a strategic agreement to jointly invest up to $15 billion in offshore wind and green hydrogen in Germany, the UK and the US following a “successful” collaboration. an investment agreement is already underway in Baltic Eagle (Germany), as announced on Tuesday at COP28.

The first milestone of this alliance, as detailed in the joint press release, will be a joint investment in the 1,400 megawatt (MW) British East Anglia 3 offshore wind project, which is in the final stages of negotiations and could be signed off. at the end of the first quarter of 2024.

In this regard, they emphasized that Masdar’s renewable energy group’s participation in this wind farm could reach 49%.

Both firms have assured that the East Anglia 3 project is already under construction and is expected to become operational in the fourth quarter of 2026.

They also recalled that Iberdrola signed contracts for differences (CfDs) with the United Kingdom government in July 2022 to sell energy from the park at a price that would increase with inflation, while they predicted that the project would provide more than 1. 3 million British homes and create 2,300 jobs.

In addition, the two companies clarified that they will work on joint investments in future offshore wind and green hydrogen projects in Europe and other markets, which “may involve the participation of Iberdrola subsidiaries.”

Iberdrola President Ignacio Galan assured that now that 118 governments have already committed at COP28 to tripling renewable energy capacity by 2030, achieving this goal will require “immediate” action from governments and the private sector.

UAE Minister of Industry and Advanced Technology, Masdar Chairman and COP28 President Sultan Al Jaber welcomed the alliance, “in which two global clean energy pioneers, Masdar and Iberdrola, will come together to use their expertise and resources to advance renewable energy. in Europe and around the world.

For his part, Masdar CEO Mohamed Jamil Al Ramahi said he is “delighted” to be working again with its strategic partner Iberdrola as they explore “the development of one of the largest offshore wind farms in the United Kingdom.” projects in Europe.”