Masdar and Iberdrola will co-invest EUR 15 bn in the EU and US clean energy markets: UAE state-owned renewables developer Masdar signed a strategic partnership agreement with Spain’s Iberdrola to co-invest up to EUR 15 bn in exploring development projects in the offshore wind and green hydrogen in key markets including Germany, the UK, and the US, according to a statement.

We knew this was coming: Back in October, Masdar said it is planning to snap up a 49% stake in Iberdrola's largest offshore wind project off Britain’s eastern coast – East Anglia 3 — for EUR 2 bn (USD 2.1 bn). The new EUR 15 bn co-investment partnership could see the acquisition agreement for the 1.4 GW wind farm finalized by 1Q 2024, the statement notes. East Anglia 3 is scheduled for full commercial launch by 4Q 2026

Not their first collaboration: Masdar entered a similar agreement with the Spanish utility back in July, acquiring a 49% stake in its EUR 1.6 bn Baltic Eagle offshore wind farm off the coast of Germany. The sale of shares in Baltic Eagle falls under Iberdrola’s EUR 47 bn investment plan in the renewables sector.

Masdar is also tapping into Jordan’s clean energy sector: The renewables giant has also inked a joint development agreement with Jordan’s Energy and Mineral Resources Ministry to establish a 1 GW wind farm accompanied by a battery energy storage system (BESS) in the country, according to a statement. The expected investment ticket and timeline for the project were not disclosed.

There’s more: Masdar and Jordan also signed an MoU to explore the feasibility of establishing a green hydrogen generation plant in the country, the statement notes. Masdar has set a target of generating 1 mn tons of green hydrogen annually by 2030 in line with UAE plans to capture 25% of the market by the end of the decade, the statement added.

UPDATES FROM UGANDA- Masdar signed a roadmap agreement with Uganda to develop a 150 MW solar energy farm in the country, the company said. The agreement comes as part of a wider agreement to develop 1 GW of PV projects in the African country. The expected investment ticket and a timeline for the project was not provided.

Adnoc + Socar partner on low-carbon energy: Adnoc and the State Oil Company of Azerbaijan Republic (Socar) signed an agreement to collaborate on developing low-carbon energy technologies, according to a statement. The agreement will see Adnoc and Socar explore advancing blue hydrogen, carbon management, and geothermal tech that can accelerate the decarbonization of energy systems in the UAE, Azerbaijan, and other markets. Both companies signed the Oil and Gas Decarbonization Charter at COP28 earlier this week which aims to end flaring, eliminate methane emissions by 2030, and achieve net zero by 2050. The collaboration agreement comes as UAE's Masdar — partly owned by Adnoc — established a base of operations in Azerbaijan earlier this year and inaugurated a 230 MW solar project in the country with plans to develop a further 1 GW of clean clean energy projects.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Countries endorse the Hydrogen Declaration of Intent: Thirty-nine countries signed the Hydrogen Declaration of Intent to explore mutual recognition of hydrogen certification schemes during a high-level meeting at COP. (Statement)
  • The UAE’s Enec partners with Westinghouse on nuclear energy: The Emirates Nuclear Energy Company (Enec) has signed an MoU with US manufacturer Westinghouse Electric Corporation to explore usage of the latter’s eVinci nuclear power microreactors in the UAE. Designed for decentralized application with up to 5 MW of power generation capacity, the eVinci system can generate clean electrons and molecules — including hydrogen and ammonia — as well as process heat for industrial processes. (Wam)
  • Egypt’s SCZone could be getting a new green tech industrial complex: Head of Egypt’s Suez Canal Economic Zone Walid Gamal El Din signed a cooperation agreement on the sidelines of COP28 with Egyptian independent power and water producer Engazaat and Chinese smart energy solutions Chint Global to establish an integrated industrial complex for green energy technology in SCZone. Feasibility studies for the 2 mn sq meter project are expected to conclude in 2024. (Statement)
  • The dairy industry backs methane disclosures: Six of the world’s top dairy producers — including Danone, Kraft Heinz, and Nestle — launched the Dairy Methane Action Alliance, committing to report their methane emissions by the middle of next year and devise methane reduction strategies by the end of 2024. Livestock production contributes around 30% of global methane output. (Reuters)
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