BILBAO (dpa-AFX) - Iberdrola, S.A. (IBDSF.PK), a Spanish electric utility company, said on Tuesday that it has inked a deal with the UAE-based Masdar to co-invest up to 15 billion euros in offshore wind and green hydrogen projects in Germany, the UK, and the U.S.
After the parties' successful co-investment in Germany, the two parties will invest to achieve a further co-investment in relation to the 1,400-megawatt UK East Anglia 3 offshore wind project.
This deal, which has been under negotiation, may be signed by the end of the first-quarter of 2024. Masdar's stake in this wind farm could be 49 percent.
East Anglia 3 is currently in construction, with full commissioning scheduled for the fourth-quarter of 2026.
The wind farm secured a 15-year CPI-linked Contract for Difference from the UK Government in July 2022.
The project will power over 1.3 million British homes and create 2,300 jobs.
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