UAE's Masdar and Iberdrola to invest €5.2 billion in UK wind farm

Abu Dhabi's state-owned renewable energy company Masdar and Iberdrola will invest €5.2 billion ($6.1 billion) in an offshore wind farm in Britain, they said on Thursday.

Under the agreement, Masdar and Iberdrola will each hold a 50 per cent stake in the 1.4 gigawatt project, East Anglia Three, they said in a joint statement, adding they were looking for other opportunities in "clean energy".

Masdar is expanding into several countries in Europe, as well as in Asia and the United States, as parent company TAQA, which holds a 43 per cent stake, seeks to boost its capacity to 150 gigawatts by 2030.

East Anglia Three, located off Britain's Suffolk coast, is expected to start operations in the final quarter of 2026 and help power 1.3 million homes.

CEO Mohamed Jameel Al Ramahi said the project showed how cross-border partnerships can deliver "transformative impact at scale."

Separately, the two companies said a 476 megawatt offshore wind farm project in Germany had been completed and connected to the power grid.

Masdar also has Abu Dhabi sovereign wealth fund Mubadala and UAE state oil company ADNOC among its shareholders.

It has invested in other renewable energy projects in the United Kingdom, such as the Dogger Bank South offshore wind project in the North Sea.

It has also invested about $200 million to buy a 49.9 per cent stake in a solar portfolio controlled by Spanish power utility Endesa, and last year acquired Greece's Terna Energy, Spain's Saeta Yield and a 50 per cent stake in US renewable energy firm Terra-Gen.

(Reporting by Federico Maccioni; Editing by Rachna Uppal and Jane Merriman)