Masdar and Iberdrola launch €5.2 billion UK offshore wind venture
Masdar and Iberdrola announced a €5.2 billion co-investment in the UK’s East Anglia THREE offshore wind farm, a major step forward in global clean energy collaboration.
The 1.4-gigawatt project, located off the Suffolk coast, will be one of the world’s largest offshore wind farms once operational, expected in late 2026. Both partners will hold a 50% stake in the project, which has already secured €4.1 billion in financing from 24 international banks.
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," he highlighted.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, added, “This landmark partnership underscores our commitment to driving Europe’s energy transformation and advancing global climate goals."
This is Masdar’s largest renewable energy investment in the UK to date and part of Iberdrola’s broader €28 billion commitment to the country’s energy transition through 2028. The project is set to power approximately 1.3 million British homes and create around 2,300 construction jobs, reinforcing the UK’s position as a global leader in offshore wind.
In tandem with this announcement, Masdar and Iberdrola confirmed the full energisation of their Baltic Eagle offshore wind farm in the German Baltic Sea. The 476-megawatt project is now supplying electricity to roughly 475,000 German households and will help avoid around 800,000 tonnes of CO₂ emissions annually. This milestone follows the installation of 50 Vestas turbines and the successful connection to Germany’s high-voltage transmission grid.
These two developments build on a strategic alliance between Masdar and Iberdrola formalised at COP28 in 2023, which included plans to co-invest up to €15 billion across offshore wind and green hydrogen projects in Europe, the UK, and the United States. Together, the companies aim to accelerate large-scale renewable deployments that support energy security and climate goals.
Iberdrola’s Chairman Ignacio Galán described the East Anglia THREE deal as a landmark moment in the company’s global clean energy strategy. "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," he said.
With Masdar’s backing and proven project execution experience, both partners are scaling up offshore wind as a pillar of the low-carbon future. Baltic Eagle also marks a key step in Iberdrola’s Baltic Hub, which now exceeds 1.1 gigawatts of installed capacity.
These announcements demonstrate how cross-border energy partnerships can unlock major infrastructure projects quickly and efficiently. As the urgency of climate action grows, joint ventures like this are setting a pace and scale that single entities would struggle to match alone.
