By Pierre Bertrand

Iberdrola and Masdar have signed a strategic partnership agreement to co-invest billions in offshore wind and green hydrogen projects in the U.K.,the U.S. and Germany.

The agreement, outlined at COP28 in Dubai, will evaluate projects on which the two companies could work together, investing up to 15 billion euros ($16.25 billion), the Spanish energy company said Tuesday.

Among the projects being considered by the two companies is the 1,400-megawatt U.K. East Anglia 3 offshore wind farm.

That project, for which Masdar's stake could be 49%, has been the subject of negotiations in recent months and a deal could be reached by the end of the first quarter of 2024, Iberdrola said.

East Anglia 3 is currently being built. Full commissioning is scheduled for 4Q 2026, the company said.

Work to identify other investment opportunities is already underway, it added.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

December 05, 2023 05:34 ET (10:34 GMT)

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