Spain's Iberdrola and the UAE's Masdar have announced a €15bn ($16.2bn) strategic partnership agreement to evaluate the joint development of offshore wind and green hydrogen projects in key markets including Germany, the UK and the US.
The 1,400MW UK East Anglia 3 offshore wind project will be among the first projects to be undertaken under this agreement, following the two companies' successful joint investment in a project in Germany known as Baltic Eagle.
According to a joint statement issued on 5 December, the East Anglia 3 offshore deal has been under negotiation for the past few months and could be signed by the end of the first quarter of 2024.
Masdar is expected to take a 49 per cent stake in the East Anglia 3 offshore wind farm project.
East Anglia 3 is under construction, with full commissioning scheduled before the end of 2026. The wind farm secured a 15-year CPI-linked contract for difference (CfD) from the UK government in July 2022.
Beyond the East Anglia 3 transaction, both companies will work together to jointly invest in future offshore wind and green hydrogen projects in Europe and other markets.
The firms added: "Work to identify other opportunities is already under way, and it is anticipated that the total value of joint investments in offshore wind and green hydrogen as part of the alliance could reach €15bn."
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