IBDRY - Iberdrola Abu Dhabi's Masdar to jointly build $1.5B Baltic Sea wind farm

2023-07-05 13:12:29 ET

Spain's Iberdrola ( OTCPK:IBDRY ) ( OTCPK:IBDSF ) reportedly has signed an exclusive deal with Abu Dhabi's Masdar to develop the 476 MW Baltic Eagle offshore wind farm in the Baltic Sea off the coast of Germany.

Masdar, a renewable energy company owned by the United Arab Emirates' Mubadala sovereign wealth fund, could buy a stake of as much as 49% in the project, valued at ~€1.4B ($1.52B), the Expansion newspaper reported Wednesday.

The wind farm, which is planned to include 50 wind turbines, is part of Iberdrola's ( OTCPK:IBDRY ) ( OTCPK:IBDSF ) strategy to sell advanced renewable projects to raise cash to help finance its €47B spending plan.

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