Masdar and Iberdrola, the state-owned renewable energy firm of Abu Dhabi, will finance an offshore wind farm in Britain with 5.2 billion euros ($6.1 billion).

In their joint statement, Masdar and Iberdrola stated that they are exploring other renewable energy options and that they will each own 50% of the 1.4 gigawatt East Anglia THREE project under the agreement.

To increase its capacity to 150 gigawatts by 2030, TAQA (TAQA.AD), the parent firm of Masdar, which owns a 43% stake in the Company, is expanding its operations into many European, Asian, and American countries.

Off the coast of Suffolk, Britain, East Anglia THREE is anticipated to begin operations in the last quarter of 2026 and contribute to the electricity of 1.3 million homes.

The project, according to CEO Mohamed Jameel Al Ramahi, demonstrated how cross-border collaborations may provide "transformative impact at scale."

Additionally, the two companies announced that a 476 megawatt offshore wind farm project in Germany has been completed and connected to the electricity grid.

ADNOC and Mubadala, the sovereign wealth fund of Abu Dhabi, are also shareholders in Masdar.

Other renewable energy projects in the UK, such as the Dogger Bank South offshore wind farm in the North Sea, have been funded by it.

In addition, it also invested approximately around $200 million in the purchase of a 49.9% stake in a solar portfolio managed by Endesa (ELE.MC), and last year, purchased Tierna Energy of Greece, Saeta Yield of Spain, and a 50% stake in Terra-Gen of the United States.