Renewables firm Masdar has signed an agreement with Spanish energy firm Iberdrola to jointly invest in the 1.4 GW East Anglia Three offshore wind farm in the UK, according to a press release (pdf). The project is expected to begin initial operations in 4Q next year.

The breakdown: Masdar and Iberdrola will each hold a 50% stake in the EUR 5.2 bn (c. AED 22.4 bn) project. Some GBP 3.5 bn (around EUR 4.1 bn) in project financing has already been secured from 24 international banks.

Background: East Anglia Three is being developed by ScottishPower Renewables, the UK arm of Iberdrola, under the larger East Anglia Hub program. Siemens Gamesa was awarded the GBP 1.3 bn turbine supply contract for the project to deliver 95 of its 14.7 MW offshore turbines.

Masdar and Iberdrola are doing a lot together: The two firms also worked on completing and operating the Baltic Eagle offshore wind farm in the German Baltic Sea as part of a broader partnership.

Masdar is active in the UK: Last year, Masdar finalized the acquisition of a 49% stake in the UK’s 3 GW Dogger Bank South wind farm from German energy giant RWE as part of a larger GBP 11 bn joint investment ticket into UK renewables. Masdar and RWE are also operating the 630 MW London Array offshore wind farm.

…and in Europe: Earlier in March, Masdar inked an agreement to acquire a strategic minority stake of 49.99% in four solar assets owned by Spanish utility firm Endesa for EUR 184 mn. The state-owned firm also acquired Spanish renewables firm Saeta Yield from Brookfield Renewable last year for EUR 1.2 bn. Last year also saw it acquire a 70% stake in Greece’s Terna Energy, and it is also said to be eyeing an undisclosed stake in the Portuguese renewable assets of TotalEnergies.

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