Masdar invests in 476 MW offshore wind project in Germany

Masdar has signed an agreement with Iberdrola to invest in the Baltic Eagle offshore wind project in the German Baltic Sea, off the island of Rügen, Germany. The wind farm has a capacity of 476 MW and consists of 50 wind turbines on monopile foundations. Iberdrola will have controlling power over the farm, retaining a majority stake of 51% while Masdar will co-invest. The bilateral collaboration aims to increase the capacity of green energy in Europe and to take significant steps towards achieving sustainable goals.

The Baltic Eagle wind farm is expected to produce 1.9 TWh of clean energy on an annual basis. This will be enough to provide electricity for around 475,000 homes, a significant amount compared to the current consumption rates. The project is also anticipated to save 800,000 tonnes of carbon dioxide emissions each year, providing a cleaner and healthier environment for nearby natural habitats and communities.

The project is scheduled to commence operation by the end of 2024. Iberdrola will be responsible for managing and maintaining the wind farm, providing all necessary corporate services to ensure smooth operation.