Live updates: Follow the latest news on Cop28
Abu Dhabi’s clean energy company Masdar and Spain’s Iberdrola have signed a €15 billion ($16.25 billion) partnership to evaluate the development of offshore wind and green hydrogen projects in key markets including Germany, the UK and the US.
The companies will also look to further invest in the 1,400-megawatt East Anglia 3 offshore wind project in the UK, Masdar said on Tuesday.
The deal, which has been under negotiation for the last few months, could be signed by the end of the first quarter of 2024, leading to Masdar’s stake in the wind farm increasing to 49 per cent.
East Anglia 3 is currently in construction, with full commissioning scheduled for the fourth quarter of 2026. Once operational, it is expected to power more than 1.3 million homes and create 2,300 jobs.
The companies said that the process to identify more opportunities in Europe and other markets was “already under way”.
“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,” said Dr Sultan Al Jaber, Cop28 President, Masdar chairman and UAE Minister of Industry and Advanced Technology.
“At Cop28, we know that the world must triple global renewable energy capacity by 2030 to keep 1.5°C within reach. Robust partnerships such as the one between Masdar and Iberdrola today will propel us towards this goal.”
Masdar, which is active in more than 40 countries, aims to expand its capacity to about 100 gigawatts of renewable energy by the end of the decade.
It is also aiming for green hydrogen production of a million tonnes a year by 2030.
The company is also developing new renewable projects in Africa to boost energy security in the continent. It is the largest renewable energy company in Africa through its Infinity Power platform, a joint venture with Egypt’s Infinity.
“Following our long-term commitment to renewables, networks, and storage, this innovative alliance with Masdar today shows once again our determination to continue delivering,” said Ignacio Galan, Iberdrola’s executive chairman.
Last week, Masdar signed an implementation road map to advance the development of 10 gigawatts of renewable energy projects in Malaysia.
The projects will include ground-mounted, rooftop and floating solar power plants, onshore wind farms and battery energy storage systems.
“With an abundance of wind resources, the UK and Europe are prime markets for Masdar,” said Mohamed Al Ramahi, Masdar’s chief executive.
“As we target 100 gigawatts by 2030, Masdar is focused on developing innovative projects from the very early stages to further strengthen our offshore wind expertise,” he said.