Iberdrola signs largest offshore wind deal of the decade

Total investment from both firms will be a whopping €5.2 billion in the UK’s East Anglia Three wind farm, which will be one of the world’s two largest offshore wind farms when it goes online towards the end of next year.

It is backed by a 15-year Contract for Difference )CfD) awarded in renewable energy auctions AR4 and AR6, and has a Power Purchase Agreement with Amazon. 

”Offshore wind will play a crucial role in the global energy transformation, and landmark developments like Baltic Eagle and East Anglia Three are significant advances towards clean energy targets in major European nations,” said HE Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar. “With demand surging due to exponential AI growth and the rise of emerging markets, projects such as these have never been more critical.”

The two partners did not start there: their first project, the Baltic Eagle offshore wind farm in the German Baltic Sea, has now been completed and is generating 476MW of power when the wind blows. Baltic Eagle is the second of Iberdrola’s three major German offshore wind farm projects that have formed what is called Iberdrola’s Baltic Hub.

And they will not end with East Anglia – the firms say they are already working to identify other opportunities with anticipated total value of joint investments in offshore wind and green hydrogen totalling €15 billion.

“Joining forces with Masdar in the East Anglia Three  offshore wind farm will allow Iberdrola to accelerate our strategic focus on the UK, where we are investing £24 billion (€27.7 billion) to 2028 in transmission and distribution networks and in renewable energy, contributing to the delivery of the UK government’s ambitious electrification plans,” said Iberdrola executive chairman Ignacio Galán.

Masdar is aiming to hit a 100GW target of global clean energy capacity by 2030, it says, and this will include an increasing European footprint.

Late last year, it bought up the Spanish-Portuguese renewable energy platform Saeta Yield for €1.2 billion, and in April 2025 completed a take-over of the Greek energy firm Terna Energy.