Abu Dhabi’s renewables giant Masdar and Spain’s Iberdrola agreed to build a €5.2 billion ($6.1 billion) offshore wind farm off the eastern British coast, in what they called one of the largest such projects this decade. The 1.4-gigawatt facility, set for completion by the end of 2026, will be able to power 1.3 million homes, with capacity already sold to the UK government and Amazon.
The two companies committed in 2023 to jointly invest up to €15 billion in offshore wind and green hydrogen projects in Germany, the UK, and the US. Their first project — a 476-megawatt wind farm in Germany — was recently completed.
While the Gulf is best known for exporting oil and gas, firms like Masdar and Saudi Arabia’s ACWA Power are emerging as global players in renewables. Masdar is on a acquisition spree, and must add about 200 megawatts of capacity each week to reach its target of a 100-gigawatt global portfolio by 2030.
