COP28 : Green energy titans Iberdrola and Masdar seal game-changing €15bn deal
At COP28 in Dubai, Iberdrola of Spain and UAE’s Masdar announced a strategic partnership valued at €15 billion. This agreement focuses on the joint development of offshore wind and green hydrogen projects across key markets, including Germany, the UK, and the USA.
East Anglia 3 Project: A Cornerstone of Iberdrola-Masdar Alliance
The partnership builds on the success of the Baltic Eagle project in Germany. A significant next step is the potential co-investment in the 1,400-megawatt UK East Anglia 3 offshore wind project, with Masdar possibly taking a 49% stake.
Expanding Horizons: Future Offshore Wind and Green Hydrogen Projects
Beyond East Anglia 3, both companies will collaborate on future offshore wind and green hydrogen projects in Europe and other markets. The total value of these joint investments could reach €15 billion, showcasing a firm commitment to accelerating the global energy transition.
Leaders in Renewable Energy: Iberdrola’s Global Impact
Iberdrola is a leading utility in Europe with significant global influence. The company is actively developing offshore wind projects worldwide, including the Vineyard Wind 1 project in the US and the Saint-Brieuc wind farm in France.
Masdar: Pioneering Clean Energy in the UAE and Globally
Masdar, established in 2006, has been a key player in advancing renewable energy and green hydrogen technologies worldwide. With projects in over 40 countries, Masdar is at the forefront of the renewable energy sector.