Iberdrola and Masdar co-invest in Baltic Eagle offshore wind farm

Spanish energy company Iberdrola has signed a strategic agreement with Abu Dhabi-based Masdar to co-invest in the 476MW Baltic Eagle offshore wind farm, located in the German Baltic Sea.

Once all regulatory approvals are received, Iberdrola will have a 51% stake in the project, which is valued at 1.6 billion euros ($1.7 billion).

Iberdrola will control and manage the assets, providing operation and maintenance services and other corporate services.

Ignacio Galán, executive chairman of Iberdrola, and the CEO of Masdar, Mohamed Jameel Al Ramahi signed a broader agreement in July this year, cementing collaboration between the two energy giants. This partnership aims to drive green energy investments across regions and technologies.

The Baltic Eagle wind farm is built by Iberdrola 28km off the north-east coast of the German island of Rügen, in Mecklenburg-West Pomerania.

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The project will comprise 50 wind turbines built on monopile foundations, each with a capacity of 9.53MW. The project will produce 1.9TWh of clean electricity annually, enough to meet the demand of 475,000 homes.

The electricity generated will be transmitted at a voltage of 220kV from the offshore transformer platform in cooperation with the transmission system operator 50Hertz via two 90km-long high-voltage submarine cables to the Lubmin landfall point. At the Lubmin grid connection point on the coast of Mecklenburg-Vorpommern, the renewable electricity will be fed into the power grid.

This wind farm, which is scheduled to come into operation by the end of 2024, has a minimum regulated tariff of €64.6 ($69)/MWh for the first 20 years.

In addition, it has already sold 100% of its production with long-term contracts.