Iberdrola takes majority stake in €1.6bn Baltic Eagle offshore wind farm
In a significant move for European renewable energy expansion, Iberdrola has solidified its partnership with Masdar, an Abu Dhabi-based renewable energy giant, to co-invest in the sizable 476 MW Baltic Eagle offshore wind farm situated in the German Baltic Sea. The project, now fully approved by regulatory bodies, will be predominantly controlled by Iberdrola with a 51% majority stake. This joint venture stands as a pivotal step towards hastening Europe’s transition to energy autonomy.
Renewable Energy Collaboration to Accelerate European Energy Independence
Iberdrola will oversee the Baltic Eagle wind farm’s operations, along with maintenance and corporate services, indicating its command over the project’s management. The clean energy venture, valued at approximately €1.6 billion, exemplifies a strategic transaction and a key benchmark that deepens the alliance between two prominent entities in the clean energy sector. This collaboration is seen as a gateway to further renewable investment endeavors spanning diverse technologies and geographies.
Iberdrola and Masdar Cement Partnership with Baltic Eagle Offshore Wind Farm Investment. Photo courtesy of Iberdrola, S.A.
The Baltic Eagle project is set to feature 50 wind turbines, each with a 9.53 MW capacity, poised on monopile foundations. With the capability to generate 1.9 terawatt-hours (TWh) of green electricity yearly, it will sufficiently power 475,000 homes while circumventing 800,000 tonnes of CO2 emissions annually. Poised for operation by the end of 2024, the wind farm assures a guaranteed minimum tariff of €64.6/MWh for two decades and boasts the security of having sold its production in entirety through long-term agreements.
Iberdrola’s Commitment to Clean Energy Alliances and Investments
This investment in the Baltic Eagle wind farm is part of a series of recent strategic moves by Iberdrola. The company has been active in forming long-term partnerships, such as with GIC for Brazilian transmission network expansion and with Norges Bank Investment Management for new renewable capacities in Spain. Additionally, Iberdrola’s agreement to divest over 8,400 MW of gas-fired plants in Mexico and its ongoing ventures with MAPFRE and BP to boost renewable capacity and electric vehicle charging infrastructure illustrate its dedication to fostering a decarbonized economy.
The alliance with Energy Infrastructure Partners for investment in Germany’s Wikinger Offshore wind farm further cements Iberdrola’s position as a leader in fostering renewable energy sources, underpinning its commitment to sustainable energy development and marking a new chapter in Europe’s energy sector.