/MADRID, November 2, 2023, 10:00 GMT, Iberdrola/ Iberdrola has signed a strategic agreement with Masdar, a major renewable energy group based in Abu Dhabi, to co-invest in the 476 MW Baltic Eagle offshore wind farm, located in the German Baltic Sea. Following confirmation that all the necessary regulatory approvals have been received, Iberdrola will have a majority stake of 51% in the project, which will help to accelerate energy independence in Europe.
According to the terms of the transaction, the valuation of 100% of the project amounts to around 1.6 billion euros. Iberdrola will control and manage the assets, providing operation and maintenance services and other corporate services.
In July, Ignacio Galán, executive chairman of Iberdrola, and the CEO of Masdar, Mohamed Jameel Al Ramahi, signed the agreement as part of a broader commitment between two clean energy powerhouses. Both parties see this as a strategically important transaction and a critical milestone that strengthens a partnership that will allow further renewable energy investment opportunities to be explored across various technologies and regions.
Baltic Eagle will have 50 wind turbines, each with a capacity of 9.53 MW, built on monopile foundations. The project will produce 1.9 terawatt-hours (TWh) of clean electricity annually, enough to meet the demand of 475,000 homes and avoid the emission of 800,000 tonnes of CO2 into the atmosphere per year.
This wind farm, which is scheduled to come into operation by the end of 2024, has a minimum regulated tariff of €64.6/MWh for the first 20 years. In addition, it has already sold 100% of its production with long-term contracts.
Present in Spain since its origins in 2009, Sonnedix currently has over 1.5GW of total capacity in operations, under construction, and various development phases across the country. The renewable energy producer continues expanding its platform through the acquisition and development of projects in Spain and other OECD markets.
The Iberdrola group is today a global energy leader. The company brought the energy transition forward two decades to combat climate change and offer a sustainable and competitive business model that creates value for society. Iberdrola has been committed to clean energy for more than 20 years with the objective of exceeding 52,000 MW of renewable capacity by 2025. It is the leading wind power producer and one of the largest electricity companies in the world in terms of stock market capitalisation.
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