In the United Arab Emirates, Iberdrola and Masdar announced a $16.2 billion strategic partnership agreement to evaluate the joint development of offshore wind and green hydrogen projects in key markets including Germany, UK and the United States. After the parties’ co-investment in Baltic Eagle, in Germany, the new milestone of this alliance will be to achieve a further co-investment in relation to the 1,400-megawatt (MW) UK East Anglia 3 offshore wind project. This deal has been under negotiation for the last few months and could be signed by the end of the first quarter of 2024. Masdar’s stake in this wind farm could be 49%. East Anglia 3 is currently in construction, with full commissioning scheduled for the last quarer of 2026. The wind farm secured a 15-year CPI-linked Contract for Difference (CfD) from the UK Government in July 2022. The project will power over 1.3 million British homes and create 2,300 jobs.
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