Abu Dhabi-based Masdar has achieved shut on the financing of its 49 per cent shareholding within the 476 MW Baltic Eagle offshore wind farm in Germany.
Based on Masdar, the entire lending package deal amounted to EUR 488 million, with participation from ABN AMRO, Credit score Agricole CIB, ING, Santander, and Siemens Financial institution.
The Baltic Eagle offshore wind farm is valued at roughly EUR 1.6 billion. The wind farm, which is scheduled to return into operation by the tip of 2024, has a minimal regulated tariff of EUR 64.4/MWh for the primary 20 years. As well as, 100 per cent of its manufacturing has already been bought through long-term charters.
That is Masdar’s largest-ever euro-denominated financing, in addition to its first undertaking with Iberdrola and its first in Germany, in response to the corporate.
The Baltic Eagle undertaking is presently underneath development within the German Baltic Sea, northeast of the Rügen island off the Pomeranian coast.
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The offshore wind farm will comprise 50 Vestas 9.5 MW wind generators, put in on monopile foundations, and will likely be linked to the German high-voltage grid through the Ostwind 2 grid connection.
The 476 MW undertaking will provide roughly 475,000 households with renewable vitality whereas lowering CO2 emissions by roughly 800,000 tonnes per yr.
Masdar and Iberdrola signed a strategic settlement in July 2023 to co-invest in Baltic Eagle. At COP28, the 2 corporations introduced an additional EUR 15 billion strategic partnership settlement to guage the joint improvement of offshore wind and inexperienced hydrogen tasks in markets together with Germany, the UK, and the US.
Masdar introduced in December 2023 that it’s going to put money into Iberdrola’s 1.4 GW East Anglia 3 offshore wind undertaking within the UK.
When it comes to different information coming from Masdar, the corporate not too long ago accomplished its acquisition of a 49 per cent shareholding within the 3 GW Dogger Financial institution South offshore wind undertaking within the UK.
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