Spanish renewable energy giant Iberdrola [IBE:SM] and UAE’s green energy developer Masdar have signed a EUR15bn (USD16.2bn) partnership agreement at the COP28 climate summit in Dubai, as reported by Reuters on December 5. The two companies will explore the joint development of offshore wind and green hydrogen projects in key markets including Germany, Britain, and the US. As the first step of their partnership, Madar will take a 49% stake in Iberdrola’s 1.4 gigawatt (GW) offshore wind project off Britain’s eastern coast. known as East Anglia 3. The agreement came amid a global push to ramp up green energy and move away from fossil fuels. At COP28, 118 countries committed to tripling the world’s renewable energy capacity by 2030, which requires immediate action from these governments and the private sector.

The recent partnership builds on previous green energy collaborations between Iberdrola and Masdar. In July 2023, Masdar announced investments in Iberdrola’s 476 megawatts (MW) Baltic Eagle wind farm in Germany, as part of its plan to tap the abundant wind resources in its key market Britain and Europe. In early December, Masdar also signed an agreement with Germany’s RWE [RWE:GR] to jointly develop a 3 GW wind project off the coast of Britain. With a combined investment of up to USD13.9bn committed by the two companies, the project will be capable of powering 3 million homes.

Sources:

https://www.reuters.com/business/energy/iberdrola-masdar-invest-16-bln-green-energy-2023-12-05/

https://www.iberdrola.com/press-room/news/detail/iberdrola-and-masdar-sign-global-alliance-to-co-invest-up-to-15-billion-in-offshore-wind-and-green-hydrogen-projects-in-germany-uk-and-the-usa

https://www.iberdrola.com/press-room/news/detail/iberdrola-and-masdar-close-their-1-6-billion-euros-alliance-to-develop-offshore-wind-in-the-baltic-sea

https://www.reuters.com/world/uk/masdar-rwe-invest-11-bln-uks-dogger-windfarm-sunak-2023-12-01/