The Masdar and Iberdrola Strategic Investment Plan is a $16.2 billion (£15 billion) global partnership designed to co-develop large-scale offshore wind and green hydrogen projects. Announced in late 2023, the joint venture targets key regions including the UK, Germany, and the United States. By mid-2025, the alliance finalized a €5.2 billion co-investment for the 1.4 GW East Anglia THREE project in the UK, shifting the ownership split to an equal 50/50. Following the successful 2025 energization of the 476 MW Baltic Eagle wind farm in Germany, offshore construction at East Anglia THREE significantly advanced in early 2026. With export cables and foundations now being actively installed, the massive 1.4 GW facility is on track for initial commercial operations in Q4 2026, aiming to supply clean energy to 1.3 million British homes.
This strategy of forming massive, high-value partnerships with European energy leaders is being expanded into the onshore sector as well, with the announcement that TotalEnergies and Masdar have formed a $2.2 billion 50/50 joint venture to consolidate their nine-country Asian onshore renewables portfolio, a move that will streamline their combined solar and wind operations across the Asia-Pacific region.
Project Overview
Type: Strategic investment partnership (Offshore Wind and Green Hydrogen)
Total Investment Value: $16.2 billion (€15 billion) joint target
Target Markets: Europe (specifically the UK and Germany), the United States, and other prospective global regions
Flagship Project: 1.4 GW East Anglia THREE offshore wind project (UK)
East Anglia THREE Ownership: 50% Iberdrola / 50% Masdar
East Anglia THREE Capacity: 1.4 GW (powered by Siemens-Gamesa SG 14-236 DD turbines)
Recent Milestones: Finalized €5.2 billion co-investment for East Anglia THREE (2025); Full energization of the 476MW Baltic Eagle wind farm in Germany (2025); Offshore foundation and export cable installations commenced at East Anglia THREE (early 2026).
Target Commercial Operation (East Anglia THREE): Q4 2026
Project Team
Joint Venture Partners: Masdar (Abu Dhabi Future Energy Company) and Iberdrola (via its UK subsidiary, ScottishPower Renewables)
Turbine Supplier (East Anglia THREE): Siemens Gamesa
Monopile Manufacturer (East Anglia THREE): Navantia–Windar
Published 6th December 2023: 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.
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