€5.2B Co-Investment in East Anglia THREE: The decade’s largest offshore wind deal sees Masdar and Iberdrola each take a 50% stake in the UK’s 1.4 GW East Anglia THREE wind farm, expected to power 1.3M homes.
Baltic Eagle Fully Energized: The 476MW project, now operational, is the first joint venture between the partners and will supply renewable energy to 475,000 German households.
€15B Strategic Alliance Advances: These milestones are part of a broader €15B commitment to scale offshore wind and green hydrogen across Europe and the US.
Masdar and Iberdrola have announced two major clean energy milestones under their €15 billion strategic alliance: a €5.2 billion ($5.6 billion)co-investment in the UK’s East Anglia THREE offshore wind farm and the full energization of their Baltic Eagle offshore wind project in Germany.
Largest Offshore Wind Deal of the Decade
The East Anglia THREE agreement marks the largest offshore wind transaction in the last ten years. Masdar and Iberdrola will each hold a 50% stake in the 1.4 GW project, located off the Suffolk coast in the UK, with joint governance rights.
The project secured financing on 9 July, totaling approximately £3.5 billion (€4.1 billion) from 24 international banks, oversubscribed by 40% — one of the largest such facilities ever. It will cover a substantial portion of the total €5.2 billion project cost without impacting the balance sheets of either partner.
East Anglia THREE, expected to come online in Q4 2026, will deliver enough clean electricity to power 1.3 million British homes. The project benefits from a 15-year CPI-linked Contract for Difference (CfD) secured via UK Government auctions, along with a Power Purchase Agreement (PPA) signed with Amazon in 2024. Construction will support over 2,300 jobs and create 100 permanent roles over its lifetime.
Baltic Eagle Now Fully Operational
The Baltic Eagle offshore wind farm — the first joint project under the partnership — is now fully energized. Located in the German Baltic Sea, the 476 MW facility will power approximately 475,000 households and cut CO₂ emissions by around 800,000 tons annually.
Baltic Eagle is the second of Iberdrola’s major German wind farms, alongside Wikinger (350 MW, operational) and Windanker (315 MW, in planning), forming the utility’s Baltic Hub. It also marks Masdar’s first operational project in Germany and its largest euro-denominated financing to date.
HE Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, stated:
“Masdar and Iberdrola are continuing to forge one of the largest and most powerful strategic clean energy partnerships to accelerate capacity growth in Europe and worldwide… Projects such as these have never been more critical.”
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Ignacio Galán, Executive Chairman of Iberdrola, added:
“Partnerships such as this one are vital in accelerating energy security and competitiveness and working towards delivering ambitious climate targets.”
He also noted that Iberdrola is investing £24 billion in the UK through 2028, focusing on grid infrastructure and renewable energy.
Long-Term Strategic Growth
Masdar and Iberdrola’s joint investments are part of a larger €15 billion collaboration focused on expanding offshore wind and green hydrogen projects across the UK, Germany, and the US. New project opportunities are already being explored.
Mohamed Jameel Al Ramahi, CEO of Masdar, said:
“Together, we are setting a new benchmark for offshore wind collaboration… This partnership underscores our commitment to driving Europe’s energy transformation.”
Masdar is targeting 100 GW of global clean energy capacity by 2030, with Europe expected to contribute up to 30 GW — including assets from its recent acquisitions of Saeta Yield in Spain and TERNA ENERGY in Greece. The company continues to expand its footprint across solar and wind projects throughout the region.
Meanwhile, Iberdrola invested €17 billion in 2024 in renewable generation and grid infrastructure, adding 2,600 MW to its 44,000 MW global green energy portfolio. The utility remains the European leader in PPAs, signing 1,250 MW of agreements in 2024 alone.
With Baltic Eagle online and East Anglia THREE fully funded, Masdar and Iberdrola are advancing one of the clean energy sector’s most ambitious alliances — one that is helping to shape the future of Europe’s renewable energy landscape.
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