Energy giants Iberdrola and Masdar will invest €15bn ($16.2bn) to develop offshore wind and green energy projects in Germany, the UK and the US.

In a press statement released by the two companies, Iberdrola and Masdar said they plan to further their investment plan in a 1,400MW UK offshore wind project called East Anglia 3.

The deal – under negotiation for the last few months – could be signed by the end of the first quarter of 2024. Masdar is looking to obtain a 49% stake in East Anglia 3, which is under construction and is scheduled for commission in Q4 2026.

Masdar is a United Arab Emirates state-owned renewable energy company with its headquarters in Abu Dhabi, the country’s capital.

“We welcome this partnership, which will see global clean energy pioneers, Masdar and Iberdrola, coming together to use their expertise and resources to advance renewables in Europe and around the world,” said HE DR Sultan Al Jaber, UAE minister of Industry and Advanced Technology. “At COP28, we know that the world must triple global renewable energy capacity by 2030 to keep 1.5C within reach. Robust partnerships such as the one between Masdar and Iberdrola today will propel us towards this goal.”

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Iberdrola is a Spain-based multinational with more than 41,200MW of renewable capacity installed worldwide. In April, the company came second – just before Enel – in terms of project numbers, with 41 opened worldwide.

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Overall, the Spanish energy giant confirmed £7bn ($8.8bn) of investment in the UK ahead of the Global Investment Summit, which took place in London at the end of November. Iberdrola had a market capitalisation €74.11bn as of 6 December 2023.

Iberdrola’s Executive Chairman Ignacio Galan commented on the new partnership, saying: “By combining our renewables experience and financial strength with those of Masdar, we can deliver more secure, competitive and clean energy, quicker. We are very pleased to be expanding our existing alliance with a leading long-term partner like Masdar from Germany, where we are already constructing new offshore wind turbines, to the UK and across the world.