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Abu Dhabi-based renewable energy firm Masdar has signed a strategic agreement with Iberdrola, a global clean energy company, to co-invest in Baltic Eagle offshore wind farm valued at 6.49 billion dirhams ($1.76 billion).
The 476-megawatt (MW) wind farm, located in the German Baltic Sea, will see Iberdrola retain a majority 51% stake in the asset, which aims to accelerate green energy security in Europe.
Baltic Eagle will consist of 50 wind turbines built on monopile foundations, each with a unit capacity of 9.53 MW. Anticipated annual production is 1.9 terawatt-hours (TWh), enough clean energy to meet the electricity demands of 475,000 homes, saving 800,000 tonnes of CO2 being released into the atmosphere every year, according to a statement.
The wind farm is scheduled to come into initial operation at the end of 2024.
“This landmark agreement between Masdar and Iberdrola will harness Germany’s abundant wind power in the Baltic Sea and bring electricity to nearly half a million homes, while cutting emissions,” said Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President-Designate.
In September 2022, the UAE and Germany signed an agreement to advance projects of joint interest on areas including energy security, decarbonisation, and climate action. The Energy Security and Industry Accelerator Agreement (ESIA) signed between the two countries involved plans for Masdar to explore offshore wind opportunities in the Baltic Sea to support Germany’s clean energy goals.
(Writing by Bindu Rai; Editing by Brinda Darasha)
