Iberdrola has signed a strategic agreement with Masdar to co-invest in the 476MW Baltic Eagle offshore wind farm, located in the German Baltic Sea.
Following confirmation that all the necessary regulatory approvals have been received, Iberdrola will have a majority stake of 51% in the project.
According to the terms of the transaction, the valuation of 100% of the project amounts to around €1.6bn.
Iberdrola will control and manage the assets, providing operation and maintenance services and other corporate services.
In July, Ignacio Galán, executive chairman of Iberdrola, and the CEO of Masdar, Mohamed Jameel Al Ramahi, signed the agreement as part of a broader commitment between two clean energy powerhouses.
Baltic Eagle will have 50 wind turbines, each with a capacity of 9.53MW, built on monopile foundations.
This wind farm, which is scheduled to come into operation by the end of 2024, has a minimum regulated tariff of €64.6/MWh for the first 20 years.
In addition, it has already sold 100% of its production with long-term contracts.