Dubai: Spain's renewable energy giant Iberdrola said on Tuesday it had teamed up with UAE renewable energy company Masdar to invest 15 billion euros ($16.2 billion) in offshore wind and green hydrogen in Germany, Britain and the United States.
As part of the agreement, Masdar will take up to a 49 per cent stake in East Anglia 3, Iberdrola's 1.4 gigawatt wind project located off the eastern British coast.
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 plans, announced at the UN’s climate change conference COP28 in the UAE, demonstrate both companies’ firm commitment to accelerating the global energy transition.
Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President, said: “We welcome this partnership which will see global clean energy pioneers, Masdar and Iberdrola, coming together to use their expertise and resources to advance renewables in Europe and around the world. At COP28, we know that the world must triple global renewable energy capacity by 2030 to keep 1.5C within reach. Robust partnerships such as the one between Masdar and Iberdrola today will propel us towards this goal.”
Iberdrola’s Executive Chairman, Ignacio Galán, said: “Now that 118 governments have already pledged to triple renewable energy capacity by 2030 at COP28, reaching this goal will require immediate action from these governments and the private sector. Following our long-term commitment to renewables, networks, and storage, this innovative alliance with Masdar today shows once again our determination to continue delivering.”
Masdar’s Chief Executive Officer, Mohamed Jameel Al Ramahi, said: “We are delighted to be working with our strategic partners, Iberdrola, once again as we explore developing one of the UK’s largest offshore wind farms and other prospects in Europe. With an abundance of wind resources, the UK and Europe are prime markets for Masdar."
Masdar is jointly owned by Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company (Mubadala), and Abu Dhabi National Energy Company (TAQA), and under this ownership the company is targeting a renewable energy portfolio capacity of at least 100 gigawatts (GW) by 2030 and an annual green hydrogen production capacity of up to 1 million tonnes by the same year.
