UAE-based renewable energy firm Masdar has acquired a 49% stake in the Baltic Eagle project, a $1.8 billion (€1.6 billion) offshore wind energy unit in German waters in the Baltic Sea, from Spanish utility firm Iberdrola.
Iberdrola will retain the remaining 51% stake and continue managing the asset. The transaction is part of Iberdrola's strategy to sell stakes in its wind developments to raise funds for its $165.9 billion investment plan focused mainly on renewables and power grids.
The 476 megawatt Baltic Eagle offshore wind farm is expected to start operating in stages from late 2024. Once fully operational, it will produce 1.9 terawatt-hours annually - enough electricity for 475,000 homes - and reduce carbon dioxide emissions by 800,000 tons per year.
Masdar said the project "will help to drive forward green energy security in Europe, reduce emissions for homes and businesses, and support thousands of highly skilled jobs."
The acquisition fits into Masdar's target of reaching 100 gigawatts of renewable energy capacity by 2030. The company has been expanding its operations locally and abroad as the UAE aims to reach net zero emissions by 2050.
