UAE’s Masdar signs $16 billion deal for wind, hydrogen projects in US, Germany

Adam Lucente

Dec 5, 2023

COP28 President Sultan Ahmed Al Jaber (C), Chair of the Intergovernmental Panel on Climate Change Jim Skea (R) and COP28 Director of Communications Sconaid McGeachin (L) attend a press conference at the United Nations climate summit in Dubai, United Arab Emirates, Dec. 4, 2023. — Karim Sahib/AFP via Getty Images

The United Arab Emirates (UAE) announced a major renewable energy deal on Tuesday, indicating the country's efforts to lead on climate change while facing scrutiny over its links to the oil and gas industry.

The UAE state-owned renewable energy firm Masdar said it signed a 15 billion euro ($16.2 billion) strategic partnership with Spanish energy giant Iberdrola to evaluate joint development of offshore wind and green hydrogen projects in Germany, the United Kingdom and the United States, Masdar said in a press release.

Per the partnership, Masdar and Iberdrola aim to further invest in the latter's UK East Anglia 3 offshore wind project located off the English coast in the North Sea. Construction on the project began last year, and negotiations are underway for Masdar to take a potential 49% stake in the project. The two firms are additionally working to identify potential investments in wind and green hydrogen projects in the United States, Germany and other parts of Europe, per the release.

Masdar and Iberdrola already work together on the latter’s Baltic Eagle offshore wind farm in Germany. Masdar signed a deal to invest in the farm last July.