Masdar joins Iberdrola to co-invest in German wind farm
London, 26 July, 2023, (Oilandgaspress) – Masdar has signed a strategic agreement with Iberdrola, a global clean energy leader, to co-invest in the 476-megawatt (MW) Baltic Eagle offshore wind farm in the German Baltic Sea. Iberdrola will retain a majority 51% stake in the asset, which will help to accelerate green energy security in Europe.
According to the terms of the deal, Baltic Eagle wind farm is valued at approximately €1.6 billion euros. Iberdrola will control and manage the asset, providing operation and maintenance services and other corporate services.
The deal was signed in Madrid by Ignacio Galan, Iberdrola’s Executive Chairman, and Masdar’s Chief Executive Officer, Mohamed Jameel Al Ramahi, as part of a wider acknowledgement agreement between the two clean energy powerhouses. Both parties consider this a strategically important transaction and a critical milestone as they strengthen their partnership to explore further renewable energy investment opportunities in a range of technologies and regions.
Baltic Eagle will consist of 50 wind turbines built on monopile foundations, each with a unit capacity of 9.53 MW. Anticipated annual production is 1.9 terawatt-hours (TWh), enough clean energy to meet the electricity demands of 475,000 homes, saving 800,000 tons of CO2 being released into the atmosphere every year.
The wind farm, which is scheduled to come into initial operation at the end of 2024, has a minimum regulated tariff of €64.6/MWh for the first 20 years. In addition, 100% of its production has already been sold via long-term contracts.
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