Spanish utility firm Iberdrola has sold 49% of its stake in a German offshore wind farm to Masdar, a United Arab Emirates renewable energy firm.
The 476MW wind farm, the Baltic Eagle, will comprise 50 wind turbines on monopile foundations with individual generating capacity of 9.5MW, an Iberdrola company statement said.
Iberdrola says the entire wind farm is worth €1.6 billion and should have an annual produiction of 1.9 terawatt hours.
It brings the total amount of generating capacity in its portfolio to 3,000MW in projects that are either under construction or secured.
Iberdrola will operate and maintain the Baltic Eagle wind farm, which is scheduled to come online at the end of 2024, and Iberdrola says 100% of its production has already been sold via long-term contracts.
“This landmark agreement between Masdar and Iberdrola will harness Germany’s abundant wind power in the Baltic Sea and bring electricity to nearly half a million homes, while cutting emissions,” said Masdar chairman Sultan Al Jaber, who is also UAE minister of Industry and Advanced Technology.
“This is a major project that will help to drive forward green energy security in Europe, reduce emissions for homes and businesses and support thousands of highly skilled jobs,” said Iberdrola executive chairman Ignacio Galan.
The wind farm is near Rügen Island in German waters in the Baltic Sea.