Masdar and Iberdrola expand offshore wind portfolio in Europe

Masdar and Iberdrola have achieved two major milestones as part of their US$16.35bn strategic clean energy alliance: a US$5.67bn co-investment in the UK’s East Anglia THREE offshore wind farm and the full energisation of their 476MW Baltic Eagle project in Germany.

The East Anglia THREE project marks one of the largest offshore wind transactions of the decade, with Masdar and Iberdrola each holding a 50% stake and shared governance. Located off the Suffolk coast, the 1.4GW wind farm is expected to begin operations in Q4 2026, providing clean electricity to 1.3 million homes.

A US$5.25bn project finance facility has been secured from 24 international banks, oversubscribed by 40%, highlighting strong investor confidence. The project benefits from a 15-year Contract for Difference (CfD) and a Power Purchase Agreement with Amazon signed in 2024.

In Germany, the Baltic Eagle offshore wind farm has now been fully energised. As the first completed project under the Masdar–Iberdrola partnership, it will supply around 475,000 households with clean energy and eliminate approximately 800,000 tonnes of CO₂ emissions annually. Located in the Baltic Sea, the 476MW wind farm is part of Iberdrola’s Baltic Hub, which also includes Wikinger and the planned Windanker project.

These developments strengthen the partnership’s goal to triple global renewable energy capacity by 2030, while supporting Europe’s offshore wind targets and advancing energy transition goals across the UK, Germany and beyond.

Signalling an Emirati-European partnership

HE Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, said, "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. Offshore wind will play a crucial role in the global energy transformation, and landmark developments like Baltic Eagle and East Anglia THREE are significant advances towards clean energy targets in major European nations. With demand surging due to exponential AI growth and the rise of emerging markets, projects such as these have never been more critical."

Ignacio Galán, Iberdrola’s executive chairman, said, "Today is an important landmark in our global partnership with Masdar. Partnerships such as this one are vital in accelerating energy security and competitiveness and working towards delivering ambitious climate targets. With Masdar, we have a partner who shares our vision and commitment.

Joining forces with Masdar in the East Anglia THREE offshore windfarm will allow Iberdrola to accelerate our strategic focus on the UK, where we are investing £24bn to 2028 in transmission and distribution networks and in renewable energy, contributing to the delivery of the UK Government’s ambitious electrification plans. The completion of Baltic Eagle represents a new milestone in our partnership, reinforcing Iberdrola’s commitment to electrification and strengthening our presence in the Baltic Sea."

Mohamed Jameel Al Ramahi, chief executive officer of Masdar, said, "This landmark partnership underscores our commitment to driving Europe’s energy transformation and advancing global climate goals. Our strategic co-investments with Iberdrola in East Anglia THREE and Baltic Eagle demonstrate how ambitious cross-border partnerships can deliver transformative impact at scale. Together, we are setting a new benchmark for offshore wind collaboration, and we are looking forward to deepening this partnership as Europe accelerates its renewable energy targets."

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