- Published: 26 July 2023 26 July 2023
Masdar has signed a strategic agreement with Iberdrola to co-invest in the 476MW Baltic Eagle offshore wind farm in the German Baltic Sea. Iberdrola will retain a majority 51% stake in the asset.
According to the terms of the deal, Baltic Eagle wind farm is valued at approximately €1.6 billion euros. Iberdrola will control and manage the asset, providing operation and maintenance services and other corporate services. Baltic Eagle will consist of 50 wind turbines built on monopile foundations, each with a unit capacity of 9.53 MW. The wind farm, which is scheduled to come into initial operation at the end of 2024, has a minimum regulated tariff of €64.6/MWh for the first 20 years. In addition, 100% of its production has already been sold via long-term contracts.