iberdrola signed a historical alliance with Masdar, the energy group of the Emirate of Abu Dhabiinvest together until 15 billion euro project renewable energy. The companies plan to develop strategic agreements on offshore wind and green hydrogen projects in Germany, the UK and the US, as reported in the framework of the Dubai climate summit (COP28).
Both groups were already partners in the Baltic Eagle marine park in an alliance worth 1.6 billion, and are now expanding their ambitions by seeking new green projects in strategic markets. First milestone of new expanded alliance Joint investment in British East Anglia 3 offshore wind projectsThe 1,400 megawatt (MW) agreement is in the final stages of negotiations and could be signed by the end of the first quarter of 2024.
Plans call for Masdar to control 49% of the British project’s capital, while the Spanish company retains a majority stake. Iberdrola and Masdar will now work to seek joint investments in future offshore wind and green hydrogen projects in Europe and other markets, which could include the participation of subsidiaries of the Spanish utility company.
“Now that 118 governments have committed at COP28 to triple renewable energy capacity by 2030, achieving this target will require immediate action from governments and the private sector.” chairman of Iberdrola Ignacio Sanchez Galan. “After decades of commitment to renewables, grids and storage, today’s innovative partnership with Masdar reaffirms our determination to continue increasing investment.”
Maritime projects continue
Iberdrola currently has offshore wind projects under construction valued at over 10 billion; The financing and supply chain for all of these are already secured. In the USA, turbines are expected to be installed in the 800 MW Vineyard Wind 1 project, the country’s first commercial-scale offshore wind farm, and the park is expected to start producing energy soon.
In July this year, Iberdrola connected the Saint-Brieuc offshore wind farm in France to the power grid, the first large-scale offshore wind project in the Brittany region. In addition, the company has the Baltic Eagle wind power plant, which is under construction in Germany and will be operational in 2024. East Anglia 3 in the UK and Windanker in Germany are also scheduled to start production in 2026.
These projects will add to the 1,258 MW of offshore wind already in operation, which includes the West of Duddon Sands farms in the Irish Sea, Wikinger in the German Baltic Sea and East Anglia ONE in the southern part of the North Sea. The investment in these projects amounts to 4 billion euros.
Source: Informacion
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