Abu Dhabi's state-owned renewable energy company Masdar and Spain's Iberdrola will jointly invest in a 1.4 gigawatt (GW) wind farm in the United Kingdom, Masdar's parent company TAQA, said in a statement.
The project is estimated to cost around 5.2 billion euros ($6.10 billion), and around 4.1 billion euros in project financing was signed with 24 international banks, the statement said.
Under the agreement, Masdar and Iberdrola will each hold a 50% stake in the asset, East Anglia THREE, located off the eastern British coast and expected to start operations in the last quarter of 2026.
Masdar has previously invested in renewable projects in the United Kingdom and is expanding into several countries in Europe, as well as in Asia and the United States, as parent TAQA seeks to boost its capacity to 150 gigawatts by 2030.
The renewables company recently invested about $200 million to buy a 49.9% stake in a solar portfolio controlled by Spanish power utility Endesa, and last year acquired Greece's Terna Energy and Spain's Saeta Yield.
