Abu Dhabi-based renewable energy firm Masdar has signed a strategic agreement with Iberdrola, a global clean energy company, to accelerate green energy security in Europe.
Masdar company is to co-invest in Baltic Eagle offshore wind farm valued at 6.49 billion dirhams ($1.76 billion).
The 476-megawatt (MW) wind farm, located in the German Baltic Sea, will see Iberdrola retain a majority 51% stake in the asset, which aims to accelerate green energy security in Europe.
The agreement is expected to deliver an annual production is 1.9 terawatt-hours (TWh), enough clean energy to meet the electricity demands of 475,000 homes, saving 800,000 tonnes of CO2 being released into the atmosphere every year, according to a statement.
In September 2022, the UAE and Germany signed an agreement to advance projects of joint interest in areas including energy security, decarbonisation, and climate action.
The Energy Security and Industry Accelerator Agreement (ESIA) signed between the two countries involved plans for Masdar to explore offshore wind opportunities in the Baltic Sea to support Germany’s clean energy goals. The wind farm is scheduled to come into initial operation at the end of 2024.
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