UAE’s Masdar and Iberdrola have struck a strategic partnership agreement worth $16.2bn to evaluate joint developments. The joint developments include the development of offshore wind and green hydrogen markets across Europe and beyond. This includes key potential markets such as Germany, the United States, and the United Kingdom. On the list is the 1,400MW East Anglia 3 offshore wind project based in the UK. This will be among the first major projects to be constructed based on the agreement. The two companies have already indulged in a successful joint project known as Baltic Eagle in Germany.
UAE’s Masdar and Iberdrola have been in constant negotiations over the past few months. These negotiations have been over the agreement, especially on the East Anglia 3 offshore deal. The project is expected to come to terms within the first four months of 2024. The companies have also come to a consensus on the planned stake for the project. UAE’s Masdar and Iberdrola are expected to hold a share of 49 percent and 51 percent respectively. This agreement is in terms of the first project on the agenda. Past the East Anglia 3 deliberations, the companies will jointly invest in other projects. This includes offshore wind and green hydrogen projects not only in Europe but in other regions as well.
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UAE’s Masdar and Iberdrola Continue to Identify Other Prospectus Markets
UAE’s Masdar and Iberdrola shared insight that they are still on the lookout for other prospective ventures and markets. The work of identifying other opportunities has already commenced. The companies also shared that the total value of the joint investments in both projects planned will be successful. It is anticipated that the venture on both the offshore wind and green hydrogen projects will reach £15bn in budget. This is due to the joint venture that the two companies have aligned with. The offshore and green hydrogen projects pursued by the two companies is commendable. It will not only provide cleaner and renewable sources of energy but also impact the lives of many for the better.
