Iberdrola has inked a significant strategic partnership with Masdar, aimed at co-investing in the 476MW Baltic Eagle offshore wind farm situated in the German Baltic Sea. Upon securing all necessary regulatory approvals, Iberdrola will hold a majority stake of 51% in this ambitious project.
The total valuation of the project, encompassing its entire 476MW capacity, stands at approximately €1.6 billion under the terms of this transaction. Iberdrola will play a central role in the project's management, exercising control over its assets, offering operation and maintenance services, and providing essential corporate services.
This collaboration, forged in July between Ignacio Galán, executive chairman of Iberdrola, and Masdar's CEO, Mohamed Jameel Al Ramahi, is part of a broader commitment between two prominent players in the clean energy sector.
The Baltic Eagle wind farm is slated to feature 50 wind turbines, each boasting a substantial 9.53MW capacity, anchored securely on monopile foundations. Anticipated to commence operations by the close of 2024, this project will benefit from a minimum regulated tariff of €64.6 per megawatt-hour (MWh) for the initial 20 years of its operation.
Furthermore, Baltic Eagle has already secured contracts for 100% of its production through long-term agreements, reinforcing its position as a significant contributor to Germany's renewable energy landscape.
