A €15 billion ($16.2 billion) alliance has been formed between Spanish renewable energy company Iberdrola and the UAE’s clean energy company Masdar to invest in offshore wind and green hydrogen projects in countries including Germany, the UK, and the United States.
Commitment of Nations to Enhance Renewable Energy
This agreement comes after 118 countries pledged at the COP28 climate summit in Dubai to triple the world’s renewable energy capacity by the end of the current decade, as they seek to phase out fossil fuels.
The Partnership Between Iberdrola and Masdar
The first step of the partnership will see Masdar take a 49% stake in Iberdrola’s 1.4 GW offshore wind project off the east coast of the UK, known as East Anglia 3.
Investment in the UK Market
The UK and Europe are key markets for Masdar due to the availability of abundant wind resources. The two companies have previously collaborated on developing an offshore wind farm in German waters in the Baltic Sea and announced separate billion-euro investment plans in the UK, which is the second-largest offshore wind market in the world after China.
Iberdrola’s Commitment to Invest in the UK
Iberdrola has committed to investing nearly €14 billion in the UK by 2028 in electricity networks and renewable energy projects and also plans to bid for the electricity distribution network in North West Britain (ENWL).
($1 = 0.9252 euros)
Report by Petro Lombardi and Jakub Uliszuk, editing by Kirsten Donovan and David Goodman.
Our Standards: The Thomson Reuters Trust Principles.
Source: https://www.reuters.com/business/energy/iberdrola-masdar-invest-16-bln-green-energy-2023-12-05/
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