Abu Dhabi’s Masdar and Spain’s Iberdrola have agreed to jointly invest in the East Anglia THREE Offshore Windfarm in the United Kingdom, Reuters reported.
TAQA, Masdar’s parent company, stated that the total investment will reach €5.2 billion (approximately $6.1 billion). Moreover, a consortium of 24 international banks has already provided €4.1 billion in project financing. Evidently, there is strong market confidence in the development.
The East Anglia THREE is a major clean energy project with a planned capacity of 1.4 gigawatts. It forms part of the UK’s larger East Anglia Hub. The cluster of offshore windfarms in the North Sea will collectively exceed 3 gigawatts in capacity. The UK government awarded the project a Contract for Difference (CfD) in 2022. Construction is set to begin in 2026, with full operations expected by 2029. Upon completion, the windfarm will supply clean electricity to more than one million British homes.
This investment will support the UK’s 2050 net-zero goal and create jobs in construction, marine logistics, and maintenance – particularly throughout the East Anglia region.
The partnership highlights the rising number of cross-border collaborations advancing the global energy transition. Masdar, one of the world’s fastest-growing renewable energy firms, is preparing to issue $700 million in green bonds to fund its expanding portfolio. Likewise, Iberdrola continues to consolidate its leadership in offshore windfarming across Europe and North America.
Masdar CEO Mohamed Jameel Al Ramahi called the investment a major step in promoting international cooperation on climate action. The deal also reflects deepening energy ties between the Gulf and Europe as both regions ramp up investment in sustainable infrastructure.
