Masdar reaches close on financing for 476MW Baltic Eagle Offshore Wind Project

15 MAR 2024
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  • 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.