Abu-Dhabi’s Masdar announced it is to purchase a 49 % stake in Spanish utility Iberdrola’s East Anglia 3, according to news reports.
The United Arab Emirates plans to raise its supply of renewable energy to triple, investing up to $54 billion over the coming seven years to cover its growing energy demands.
East Anglia 3 is Iberdrola’s largest offshore wind project off Britain’s eastern coast.
The renewable energy company Masdar, partially owned by the United Arab Emirates’ sovereign wealth fund Mubadala, had signed an exclusive deal with Iberdrola to develop the Baltic Eagle, a 476 megawatt (MW) offshore wind farm in German waters in the Baltic Sea.
The acquisition deal of East Anglia 3, will be estimated at a value of US$2.14 billion, the report said, while the entire project is expected to be valued at some 4 billion euros.
Construction in The East Anglia 3 farm began last year and is to start operations in 2026, according to Iberdrola. It is set to have a capacity of 1,400 MW, supplying around 1.3 million homes.
The asset is part of Iberdrola’s planned macro offshore wind complex in the British North Sea, dubbed the East Anglia Hub, which includes East Anglia 3 and its two previous versions.
It is expected to generate 2,900 MW, requiring a total investment of 6.5 billion euros.
Iberdrola sold a 40% stake in 2019 worth more than US$1.20 billion in East Anglia One to Macquarie’s Green Investment Group subsidiary.
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