UPDATED 1 Sept: The EI library in London is temporarily closed to the public, as a precautionary measure in light of the ongoing COVID-19 situation. The Knowledge Service will still be answering email queries via email , or via live chats during working hours (09:15-17:00 GMT). Our e-library is always open for members here: eLibrary , for full-text access to over 200 e-books and millions of articles. Thank you for your patience.
New Energy World™
New Energy World™ embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low-carbon technologies.
Masdar-Iberdrola offshore wind partnership powers ahead after German project completion with €5.2bn UK investment
16/7/2025
News
Masdar and Iberdrola have reached two major milestones. They have announced a €5.2bn co-investment in the UK’s East Anglia THREE offshore wind farm, as well as the full energisation of their 476 MW Baltic Eagle project in Germany.
The companies have announced they will co-invest in the 1.4 GW East Anglia THREE wind farm, located off the Suffolk coast in the UK, in what they claim to be the largest offshore wind transaction of the decade.
Under the agreement, each company will have a 50% stake in and co-governance of the asset. The companies said they closed a £3.5bn project financing deal with 24 international banks for the project.
East Anglia THREE will become one of the world’s two largest offshore wind farms when it comes into initial operation in 4Q2026, delivering enough clean energy to power 1.3 million British homes.
The project benefits from long-term revenue security through a 15-year CPI-linked contract for difference awarded in the UK government’s AR4 and AR6 auctions, as well as a power purchase agreement with Amazon signed in 2024.
Masdar and Iberdrola have also celebrated the completion and full energisation of the 476 MW Baltic Eagle offshore wind farm in the German Baltic Sea. This is the first project delivered under the Masdar-Iberdrola partnership, which was signed in December 2023. It consists of 50 V174 turbines of 9.5 MW capacity manufactured by MHI Vestas Offshore Wind.
Baltic Eagle is the second of Iberdrola's three major wind farm projects in Germany, along with Wikinger (350 MW, in operation) and Windanker (315 MW, in planning). At the end of 2024, Japanese utility Kansai acquired a 49% stake in the project, which is expected to utilise 15 MW turbines.
