Abu Dhabi-based renewable energy giant, Masdar, is on the verge of securing a substantial 49% stake in Spanish utility company Iberdrola's ambitious offshore wind endeavor off the eastern coast of Britain, known as East Anglia 3. This breaking news was first reported by Spanish newspaper Cinco Dias, citing reliable market sources.
The anticipated acquisition is poised to make waves in the energy sector, with an estimated value of approximately 2 billion euros (equivalent to $2.14 billion USD). This investment is part of a broader project set to be valued at a staggering 4 billion euros.
While the news has captured the attention of the industry, Iberdrola has opted to remain tight-lipped and declined to comment on the matter. Masdar, adhering to its policy, refrained from making any official statements, citing it as “market speculation.”
Masdar, known for its focus on sustainable energy solutions, is partially owned by the sovereign wealth fund of the United Arab Emirates, Mubadala. The company had previously entered into an exclusive agreement with Iberdrola to co-develop the Baltic Eagle, a substantial 476-megawatt offshore wind farm situated in German waters within the Baltic Sea.
The East Anglia 3 project commenced construction in the previous year and is on track to become operational by 2026, according to Iberdrola's timeline. This massive offshore wind farm is expected to boast an impressive capacity of 1,400 megawatts, making it capable of powering approximately 1.3 million households.
East Anglia 3 represents a pivotal component of Iberdrola's grand vision, the East Anglia Hub, a monumental offshore wind complex nestled in the British North Sea. This hub comprises East Anglia 3, along with its two predecessors, with the entire complex projected to generate an astounding 2,900 megawatts of clean energy. The ambitious venture comes with a hefty price tag, requiring a substantial investment totaling 6.5 billion euros.
It's worth noting that Iberdrola had previously made a strategic move in 2019 by selling a substantial 40% stake in East Anglia One, an earlier iteration of the East Anglia Hub, for more than 1 billion pounds (equivalent to $1.20 billion USD) to Macquarie's Green Investment Group subsidiary.
This latest development underscores the growing prominence of renewable energy projects and the increasing interest from major players like Masdar in the offshore wind sector, contributing significantly to the global transition toward sustainable energy sources.
