"source" and"Iberdolla" They invest in a marine wind energy project in the United Kingdom
Abu Dhabi, July 10 / WAM / Abu Dhabi Future Energy Company, “Masdar”, the world leader in the field of clean energy, and “Iberdolla”, one of the largest energy companies in the world, announced the strengthening of their partnership through joint investment at the “East Engelia 3” marine wind energy station in the United Kingdom.
The two companies also announced the full operation of the “Eagle of the Baltic” station for marine wind energy in Germany with a capacity of 476 MW, while these two stations contribute to achieving the goals of Europe and the United Kingdom in the marine wind energy sector, as it falls within the framework of the strategic partnership agreement signed by “Masdar” and “Iberdolla” with a value of 59.9 billion dirhams “15 billion euros” that aims to develop Clean energy projects in major markets that include Germany, the United Kingdom and the United States of America.
The strategic partnership that was signed between “Masdar” and “Eberdolla” in December 2023 is one of the most prominent and largest bilateral partnerships in the global clean energy sector. These projects will contribute to accelerating the pace of the development of the marine wind energy sector in Europe, and it also reflects the commitment of the two companies to support efforts to double global production of renewable energy three times by 2030.
His Excellency Dr. Sultan Ahmed Al -Jaber, Minister of Industry and Advanced Technology, Chairman of the Board of Directors, said that he is in line with the leadership’s vision and directions to enhance specific partnerships and support sustainable development.
Marine wind energy projects will contribute to an active role in making a qualitative shift in global energy systems, and is the leading projects such as “Eagle of the Baltic” and “East Angela 3”, an important step towards achieving clean energy goals in the major European countries. Such projects are more important due to the need to meet the increasing demand for energy as a result of the significant growth of artificial intelligence technologies and the rise of emerging markets.
“Masdar” and “Iberrolla” agreed on a joint investment at the “East Angela 3”, a 1.4 GW -capacity in the United Kingdom, in a deal that is one of the largest of its kind in the marine wind energy sector during the past ten years.
According to the agreement, each company will obtain a 50% stake in the project and the joint management of the station, which contributes an important role in achieving the ambitious goals of marine wind energy projects in Europe, and all pre -conditions have been fulfilled, and the deal is expected to be completed soon.
On July 9, the financing agreement was signed for the “East Angela 3” project with a value of approximately 15.9 billion dirhams “3.5 billion pounds/4.1 billion euros” with the participation of 24 international banks, and the total financing exceeded 40%, which makes it among the largest deals of its kind, and this funding will contribute to covering a large part of the total cost of the project, which is estimated at about 20.2 billion dirhams “5.2 billion euros”, without unifying loans in the financial statements of any of the partners.
Upon starting the operating phase in the last quarter of 2026, the “East Anglia 3” station, located off the coast of “Suffolk” in the United Kingdom, will be one of the two largest marine wind power plants, and will contribute when operating by providing 1.3 million homes with electricity in Britain.
The project takes advantage of the long -term revenue guarantee by holding differences linked to the consumer price index for a period of 15 years, which was granted within the fourth and sixth auction tour of the UK government. An energy -purchasing agreement was signed with Amazon in 2024. The project is expected to contribute to providing more than 2,300 job opportunities during the construction phase, as well as supporting about 100 permanent jobs throughout the operating period in light of the full operation of the “Eagle of the Baltic” station in Germany.
The “Masdar” and “Iberrola” companies also announced the completion of the operation of the “Eg Bahr Al -Balti” station for marine wind energy in Germany, with a capacity of 476 MW, which represents an important step that contributes to supporting Germany’s ambitions in the field of clean energy, and consolidating the leadership of the two companies in developing renewable energy projects.
The station will contribute to providing about 475,000 houses with renewable energy and avoiding the emission of about 800,000 tons of carbon dioxide annually, while the project “Eagle Bahr Al Balti” station is the second out of three major projects for “Eberrolla” in the wind energy field in Germany, along with the “Wekens” project with a capacity of 350 MW which is currently running, and the “Windanker” project with capacity 315 MB, planned later.
These stations combined the platform of “Eberdolla” for marine wind energy in the Baltic Sea. The project “Eagle Bahr Al -Balik” is the first of the “Masdar” company in Germany and the first cooperation with “Iberrolla”, and it is considered the largest financing deal in the euro that the company is at all.
Ignacio Gallan, CEO of the Executive Board of “Iberdolla”, said that the joint investment with “Source” in the “East Engelia 3” project for marine wind energy will allow acceleration of the implementation of the Iberdramola’s strategic plans in the United Kingdom, in which it invests 24 billion euros until 2028, in a number of areas that include transportation and renewable energy and renewable energy networks.
For his part, Mohamed Jamil Al -Ramahi, CEO of Masdar, said that this strategic partnership embodies the company’s firm commitment to supporting efforts aimed at making a qualitative shift in the European energy sector, and contributing to achieving global climatic goals.
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