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• The turbine is the first of 50 to be installed at 476MW Baltic Eagle wind farm

• A joint venture between Iberdrola and Masdar, Baltic Eagle will supply around 475,000 households with renewable energy by the end of 2024

• Wind turbines are supplied by Vestas and installed with the jack-up vessel Blue Tern owned by Fred. Olsen Windcarrier

Berlin/UAE, 9 May 2024 – The first of a total of fifty wind turbines has been successfully installed at the 476MW Baltic Eagle offshore wind farm, a joint venture between Iberdrola, a world leading clean energy company, and Abu Dhabi Future Energy Company – Masdar, the UAE’s clean energy powerhouse.

Working in partnership with Vestas , the remaining wind turbines will now be transported to the offshore construction site in the coming months and then installed using the jack-up vessel Blue Tern owned by Fred. Olsen Windcarrier.

Baltic Eagle is on track to become operational by the end of 2024, when it will supply renewable energy to around 475,000 households and contribute to Germany’s clean energy transition.

Milestone reached thanks to strong partnerships

"With the installation of its first wind turbine, Baltic Eagle is taking shape off the German Baltic coast. This marks the start of the final phase in the construction of the offshore wind farm, which is expected to become fully operational later this year." commented Felipe Montero, CEO of Iberdrola Deutschland. "My special thanks go to the Baltic Eagle team for their tireless efforts and outstanding performance. Thanks to the support of Vestas and our partner Masdar, we are confident that we will successfully complete what so far has been an outstanding construction campaign. With the commissioning of Baltic Eagle, the second offshore wind farm in our Baltic Hub, Iberdrola Deutschland continues its growth path, making a significant contribution to Germany’s Energy Transition."

Husain Al Meer, Director, Global Offshore Wind at Masdar added: “We are delighted that, together with Iberdrola and Vestas, we have taken this significant step toward making the landmark Baltic Eagle wind farm a reality. Masdar has a long-standing commitment to advancing offshore wind projects across the globe. Baltic Eagle will provide clean, renewable power to hundreds of thousands of homes, reducing carbon emissions and supporting Germany with its energy transition. We look forward to seeing the project come to life over the coming months, delivering tangible benefits to the local community and setting a precedent for sustainable energy solutions.”

“It’s a special moment to see the first wind turbine at Baltic Eagle installed, reflecting how everyone involved supports Germany’s clean and secure energy and offshore wind targets in the Baltic Sea,” said Nils de Baar, President of Vestas Northern & Central Europe. “Vestas is proud to be part of this project and our thanks go to our partner Iberdrola for their trust in our technology and the strong and productive collaboration since the beginning of this project.”

Proven technology and tried-and-tested installation methods

The Baltic Eagle offshore wind farm will generate its green electricity from a total of 50 Vestas V174-9.5MW wind turbines, each with an output of 9.525 megawatts (MW). The wind turbines have a rotor diameter of 174 meters and a hub height of 107 meters.

The optimized rotor blades are each 85 meters long and have been designed to be aerodynamically efficient and to minimize loads. The finished turbines reach a total height of 194 meters.

Fred. Olsen Windcarrier's jack-up vessel Blue Tern is particularly suitable for the challenging terrain in the Baltic Sea thanks to its long legs. With its 800-ton main crane and a variable deck load capacity of 8,750 tons, it transports the towers, nacelles and rotor blades to the offshore construction site and erects them on the transition pieces. Fred. Olsen Windcarrier already gained experience in the Baltic Sea during the construction of the Iberdrola offshore wind farm Wikinger.

Iberdrola's Baltic Hub

The Baltic Eagle offshore wind farm is an important part of Iberdrola's ‘Baltic Hub’ in the German Baltic Sea. It is located north-east of the island of Rügen off the coast of Pomerania and is planned and operated from the port of Mukran in Sassnitz.

Scheduled to be operational by the end of 2024, the 476MW offshore wind farm will supply around 475,000 households with renewable energy while reducing carbon dioxide emissions by about 800,000 tons per year.

Baltic Eagle is the second of three major projects in Germany, along with the Wikinger (350 MW, in operation) and Windanker (315 MW, in planning) wind parks. Collectively, these offshore wind parks form Iberdrola's so-called Baltic Hub, which will have a total capacity of more than 1.1 GW in 2026 and trigger an investment sum of about 3.7 billion euros.

The Baltic Eagle offshore wind park is an important component in the integrated growth strategy that Iberdrola is pursuing in its German core market. In the area of sustainable energy solutions, the company aims to cooperate with key players in the German economy to support them in achieving their climate targets with market-based solutions.

Iberdrola’s partnership with Masdar

Masdar and Iberdrola signed a strategic agreement in July 2023 to co-invest in Baltic Eagle. At COP28, the two companies announced a further EUR15 billion strategic partnership agreement to evaluate the joint development of offshore wind and green hydrogen projects in key markets including Germany, the UK and the US.

-Ends-

About Iberdrola

Iberdrola, Europe’s largest electricity utility by market capitalization and one of the world's top three electricity companies, is a leader in renewables, spearheading the energy transition to a low carbon economy. The group supplies energy to almost 100 million people in dozens of countries. With a focus on renewable energy, smart networks and smart solutions for customers, Iberdrola’s main markets include Europe (Spain, the United Kingdom, Portugal, France, Germany, Italy and Greece), the United States, Brazil, Mexico and Australia. The company is also present in growth markets such as Japan, Taiwan, Ireland, Sweden and Poland, among others.

The company has a workforce of over 42,200 and assets in excess of €150 billion. In 2023, Iberdrola posted revenues of nearly €50 billion, net profit of €4.8 billion, with nearly €9.3 billion paid in tax contributions in the countries where it operates. The company helps to support more than 500,000 jobs in communities across its supply chain, and global supplier purchases topped €18.1 billion in 2023. A benchmark in the fight against climate change, Iberdrola has invested more than €150 billion over the past two decades to help build a sustainable energy model, based on sound environmental, social and governance (ESG) principles. 

In Germany, Iberdrola has brought all its business activities under the wholly owned subsidiary, Iberdrola Deutschland. The company, headquartered in Berlin, is the largest operator of offshore wind parks in the German Baltic Sea. With its offshore and onshore business divisions, Iberdrola Deutschland is active in the planning, construction and operation of offshore and onshore wind parks as well as photovoltaic projects.

The company offers its industrial and commercial customers tailor-made solutions for the supply of green energy, from the classic supply of electricity including portfolio management services, to long-term PPA contracts linked to Iberdrola's own renewable energy facilities, to PV solutions for on-site self-consumption. Iberdrola Deutschland also provides cross-technology integrated solutions, such as battery storage or green hydrogen production for industrial use.

Contact Iberdrola:
Maximilian Brüggemann maximilian.brueggemann@kreab.com
+49 0173/2102246

About Masdar
Masdar (Abu Dhabi Future Energy Company) is one of the world’s fastest-growing renewable energy companies. As a global clean energy pioneer, Masdar is advancing the development and deployment of solar, wind, geothermal, battery storage and green hydrogen technologies to accelerate the energy transition and help the world meet its net-zero ambitions. Established in 2006, Masdar has developed and invested in projects in over 40 countries with a combined capacity of over 20 gigawatts (GW), providing affordable clean energy access to those who need it most and helping to power a more sustainable future.

Masdar is jointly owned by TAQA, ADNOC, and Mubadala, and is targeting a renewable energy portfolio capacity of 100GW by 2030 while aiming to be a leading producer of green hydrogen by the same year.

Contacts:
For media inquiries, please contact: press@masdar.ae

For more information please visit: https://www.masdar.ae and connect: facebook.com/masdar.ae and twitter.com/masdar

• EUR488 million lending package is Masdar’s largest euro financing deal and marks major step forward in global offshore wind investment

• Investment is Masdar’s first project with Iberdrola and first in Germany

• Masdar and Iberdrola will explore other offshore wind and green hydrogen opportunities in key markets via EUR15 billion strategic partnership agreement

Abu Dhabi Future Energy Company – Masdar, the UAE’s clean energy powerhouse, has achieved close on the financing of its 49 percent shareholding in the 476MW Baltic Eagle wind farm, located in the Baltic Sea off the coast of Germany.

This is Masdar’s largest ever euro-denominated financing, as well as its first project with Iberdrola and its first in Germany. The total lending package amounted to EUR488 million, with participation from ABN AMRO, Credit Agricole CIB, ING, Santander, and Siemens Bank. Santander also acted as financial advisor on the deal.

The Baltic Eagle wind farm is valued at approximately EUR1.6 billion. The wind farm, which is scheduled to come into operation by the end of 2024, has a minimum regulated tariff of EUR64.6/MWh for the first 20 years. In addition, 100 percent of its production has already been sold via long-term contracts.

Masdar and Iberdrola signed a strategic agreement in July 2023 to co-invest in Baltic Eagle. At COP28, the two companies announced a further EUR15 billion strategic partnership agreement to evaluate the joint development of offshore wind and green hydrogen projects in key markets including Germany, the UK and the US.

Masdar has a long-standing commitment to advancing offshore wind projects across the globe. It is aiming for a renewable energy portfolio capacity of 100GW by 2030, supporting the target set in The UAE Consensus to triple global renewables capacity by the end of this decade.

• Dogger Bank South project is one of the largest planned offshore wind farms in the world

• Project will power three million homes and create thousands of jobs during construction and operational phases

• As joint shareholder, Masdar will collaborate with RWE to develop and operate the project

Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, has completed its acquisition of a 49 percent shareholding in the 3 gigawatt (GW) Dogger Bank South (DBS) project – one of the world’s largest planned offshore wind farms. 

The planned £11 billion joint investment with RWE, a leading renewable energy company headquartered in Germany, is expected to provide a huge boost to the UK economy and demonstrates the UAE’s commitment to supporting net-zero goals in Britain and around the world. It builds on the £10 billion UAE-UK Sovereign Investment Partnership (UK-UAE SIP) to invest in technology, infrastructure and the energy transition.

Today’s announcement highlights the scale of Masdar’s long-standing support for global offshore wind projects. A decade ago, Masdar, RWE and partners launched the 630MW London Array wind farm, the world’s largest at the time. Masdar has also invested in the 30MW Hywind project – the world’s first floating offshore wind farm – and the 402MW Dudgeon offshore wind farm. Last year, Masdar agreed to co-invest in the 476MW Baltic Eagle offshore wind farm, which will power 475,000 homes.

Located over 100 kilometers off the northeastern coast of England, the DBS offshore wind farm will be split across two sites, DBS East and DBS West, each with a capacity of 1.5 GW and spanning 500 square kilometers. The mega-facility is expected to generate enough electricity to power three million typical UK homes and will lead to the creation of 2,000 jobs during construction and more than 1,000 direct and indirect jobs during the operational phase.

Masdar’s Chief Executive Officer, Mohamed Jameel Al Ramahi, said:

Markus Krebber, Chief Executive Officer of RWE, said:

Masdar and RWE signed an agreement to join forces on the DBS projects at COP28 in the UAE last December. With the closing of the transaction, Masdar is now a shareholder in both projects, while RWE retains a 51 percent stake. The companies will work together to develop and operate the wind farms.

Construction on the projects could start as early as the end of 2025, with the first 800MW of electricity planned to come online in 2029. The projects are expected to be fully commissioned by the end of 2031.

The next development milestone for the projects will be the submission of applications for Development Consent Orders, expected to be during the second quarter of 2024. If successful, the next steps would be to secure Contracts for Difference (CfD), followed by financing, construction and finally commissioning by 2031.

Masdar is aiming for a renewable energy portfolio capacity of 100GW by 2030, supporting the target set in The UAE Consensus to triple global renewables capacity by the end of this decade.