United Arab Emirates-based Masdar and Spain-based Iberdrola have announced a €5.2bn ($6.1bn) co-investment in the UK’s 1.4GW East Anglia THREE offshore wind farm.

Situated 69km offshore Suffolk, it is the second development in the East Anglia offshore wind farm series and a component of the East Anglia Hub.

The partnership between Masdar and Iberdrola will see both companies holding an 50% stake in the wind farm.

All necessary conditions for the transaction have been met, and this landmark transaction is expected to close shortly.

In early July 2025, project financing of €4.1bn ($4.8bn) was secured for the project from 24 international banks.

East Anglia THREE comprises an offshore wind farm and an onshore cable pathway to convey electricity to a converter station in Bramford.

It is scheduled to commence initial operations the fourth quarter (Q4) of 2026 and will supply clean electricity to more than one million British homes.

The project has secured revenue stability through long-term agreements including a contract for difference (CfD) linked to CPI inflation for 15 years and a power purchase agreement (PPA) with Amazon signed in 2024.

Masdar CEO Mohamed Jameel Al Ramahi stated: “This landmark partnership underscores our commitment to driving Europe’s energy transformation and advancing global climate goals. Our strategic co-investments with Iberdrola in East Anglia THREE and Baltic Eagle demonstrate how ambitious cross-border partnerships can deliver transformative impact at scale.

“Together, we are setting a new benchmark for offshore wind collaboration, and we are looking forward to deepening this partnership as Europe accelerates its renewable energy targets.”

Concurrently, the companies announced the full energisation of their 476MW Baltic Eagle project offshore Germany.

Together with the operational 350MW Wikinger and the 315MW Windanker projects currently under development, Baltic Eagle forms part of Iberdrola’s Baltic Hub.

Iberdrola executive chairman Ignacio Galán stated: “Joining forces with Masdar in the East Anglia THREE offshore windfarm will allow Iberdrola to accelerate our strategic focus on the UK, where we are investing £24 billion to 2028 in transmission and distribution networks and in renewable energy, contributing to the delivery of the UK government’s ambitious electrification plans.

“The completion of Baltic Eagle represents a new milestone in our partnership, reinforcing Iberdrola’s commitment to electrification and strengthening our presence in the Baltic Sea.”