Masdar and Iberdrola, both from the UAE, invest in a 1.4 gigawatt UK wind farm

Masdar, Abu Dhabi's renewable energy company owned by the government and Iberdola of Spain will invest together in a 1.4 Gigawatt (GW), wind farm in United Kingdom. This was announced in a Thursday statement from Masdar's parent firm TAQA.

According to the statement, it is estimated that the project will cost approximately 5.2 billion euro ($6.10 billion) and that 24 international banks have signed agreements for project financing of around 4.1 billion euro.

According to the agreement, Masdar will hold 50% of the assets, East Anglia THREE. The asset is located off the coast of eastern Britain and should start operating in the fourth quarter 2026.

Masdar, whose parent company is TAQA, has invested in renewable energy projects in the United Kingdom. It now plans to expand into other countries in Europe and Asia, and also in the United States and Asia.

The renewables company invested around $200 million in buying a 49.9% share of a solar portfolio owned by Spanish utility Endesa. Last year, it acquired Greece's Terna Energy as well as Spain's Saeta Yield.

(source: Reuters)