British officials have welcomed Masdar's tie-up with a major Spanish electricity company to back the world's second-largest offshore wind project, off the coast of England.
East Anglia Three is set to deliver electricity to power 1.3 million homes from late 2026 after a €5.2 billion ($6 billion) co-investment, one of the largest offshore wind transactions in this decade.
Under the agreement, each company will hold a 50 per cent share in the East Anglia Three project.
“Masdar and Iberdrola are continuing to forge one of the largest and most powerful strategic clean energy partnerships to accelerate capacity growth in Europe and worldwide," said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and chairman of Masdar. "With demand surging due to exponential AI growth and the rise of emerging markets, projects such as these have never been more critical."
Projects such as these have never been more critical
Dr Sultan Al Jaber,
Masdar chairman
Edward Hobart, British ambassador to the UAE, welcomed the announcement on Friday. "Great to see Masdar’s ongoing commitment to the UK’s energy transition," he said.
A 15-year supply deal with the UK underpins the project. Through annual auctions, the country invites developers of renewable projects to bid for government-backed price guarantees for the electricity produced, called Contracts for Difference (CfDs).
The sixth annual UK auction in 2024 resulted in electricity price contracts for offshore wind of £54.20 to £58.90 ($73.40 to $79.80) per megawatt hour in 2012 prices, government data showed. This was significantly higher than the £44 per MWh offered for offshore wind in last year's auction.
Stockbroker Jefferies estimated the price awarded would be worth between £82.60 and £89.70/MWh in 2027 prices – when the first projects would be expected to go online – when inflation was included.
The financing agreement for the East Anglia Three project was signed for about £3.5 billion, with 24 international banks. Oversubscribed by 40 per cent, the facility is one of the largest of such transactions. It will cover a substantial part of the total costs of the project, without consolidating debt in any of the partners’ financial statements.
Located off the Suffolk coast, East Anglia Three is set to come into initial operation in the fourth quarter of 2026.
As Masdar advances towards its target of 100 gigawatts of global clean energy capacity by 2030, its European footprint continues to expand. Following last year's landmark acquisitions of Saeta Yield in Spain and Terna Energy in Greece, Masdar is expected to contribute up to 30 gigawatts of capacity and support the region’s clean energy goals.
In addition to its partnership with Iberdrola, Masdar has invested in wind and solar projects across key European markets.
Masdar and Iberdrola have also announced completion of the Baltic Eagle offshore wind farm in the German Baltic Sea. The first project of the strategic partnership is a 476MW wind farm to boost Germany’s clean energy ambitions. It will supply about 475,000 households with renewable energy.
High-level forum
Masdar convened a leadership business forum in Madrid this week to strengthen partnerships and position the company for its next phase of growth in the Iberian market.
Led by Dr Al Jaber, the forum assembled senior representatives from Spanish and Portuguese government organisations, regulatory bodies, utilities, institutional investors and technology providers. The discussions centred on accelerating the Iberian Peninsula’s energy transformation and reinforcing Spain’s role as a strategic hub within Masdar’s European portfolio.
Masdar’s European investments are highly diversified. In addition to a $1.4 billion acquisition of Saeta, Masdar concluded a €3.2 billion acquisition of Terna Energy in Greece and entered a €1.7 billion strategic partnership with Endesa in Spain, acquiring a 49.99 per cent stake in a 2.5-gigawatt portfolio of renewable assets – one of Spain’s largest clean-energy transactions.
Since its was established in 2006, Masdar has developed and partnered in projects in more than 40 countries, with a mandate to increase its renewable energy portfolio capacity to 100 gigawatts by 2030.
If you go
The flights
Emirates flies from Dubai to Seattle from Dh5,555 return, including taxes. Portland is a 260 km drive from Seattle and Emirates offers codeshare flights to Portland with its partner Alaska Airlines.
The car
Hertz (www.hertz.ae) offers compact car rental from about $300 per week, including taxes. Emirates Skywards members can earn points on their car hire through Hertz.
Parks and accommodation
For information on Crater Lake National Park, visit www.nps.gov/crla/index.htm . Because of the altitude, large parts of the park are closed in winter due to snow. While the park’s summer season is May 22-October 31, typically, the full loop of the Rim Drive is only possible from late July until the end of October. Entry costs $25 per car for a day. For accommodation, see www.travelcraterlake.com. For information on Umpqua Hot Springs, see www.fs.usda.gov and https://soakoregon.com/umpqua-hot-springs/. For Bend, see https://www.visitbend.com/.
MATCH INFO
Fixture: Thailand v UAE, Tuesday, 4pm (UAE)
TV: Abu Dhabi Sports
MATCH INFO
Quarter-finals
Saturday (all times UAE)
England v Australia, 11.15am
New Zealand v Ireland, 2.15pm
Sunday
Wales v France, 11.15am
Japan v South Africa, 2.15pm
More on animal trafficking
UAE currency: the story behind the money in your pockets
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Leaderboard
63 - Mike Lorenzo-Vera (FRA)
64 - Rory McIlroy (NIR)
66 - Jon Rahm (ESP)
67 - Tom Lewis (ENG), Tommy Fleetwood (ENG)
68 - Rafael Cabrera-Bello (ESP), Marcus Kinhult (SWE)
69 - Justin Rose (ENG), Thomas Detry (BEL), Francesco Molinari (ITA), Danny Willett (ENG), Li Haotong (CHN), Matthias Schwab (AUT)
SCHEDULE
6.30pm Maiden Dh165,000 (Dirt) 1,400m
7.05pm: Handicap Dh170,000 (D) 1,600m
7.40pm: Maiden Dh165,000 (D) 1,600m
8.15pm: Handicap Dh210,000 (D) 1,200m
8.50pm: Handicap Dh210,000 (D) 2,000m
9.25pm:Handicap Dh185,000 (D) 1,400m
Amith's predicted winners:
6.30pm: Down On Da Bayou
7.05pm: Etisalat
7.40pm: Mulfit
8.15pm: Pennsylvania Dutch
8.50pm: Mudallel
9.25pm: Midnight Sands
THURSDAY FIXTURES
4.15pm: Italy v Spain (Group A)
5.30pm: Egypt v Mexico (Group B)
6.45pm: UAE v Japan (Group A)
8pm: Iran v Russia (Group B)
Global institutions: BlackRock and KKR
US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.
KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
The lowdown
Bohemian Rhapsody
Director: Bryan Singer
Starring: Rami Malek, Lucy Boynton, Gwilym Lee
Rating: 3/5
MEYDAN CARD
6.30pm Maiden Dh165,000 (Dirt) 1,600m
7.05pm Conditions Dh240,000 (D) 1,600m
7.40pm Handicap Dh190,000 (D) 2,000m
8.15pm Handicap Dh170,000 (D) 2,200m
8.50pm The Entisar Listed Dh265,000 (D) 2,000m
9.25pm The Garhoud Sprint Listed Dh265,000 (D) 1,200m
10pm Handicap Dh185,000 (D) 1,400m
The National selections
6.30pm Majestic Thunder
7.05pm Commanding
7.40pm Mark Of Approval
8.15pm Mulfit
8.50pm Gronkowski
9.25pm Walking Thunder
10pm Midnight Sands
FIGHT CARD
From 5.30pm in the following order:
Featherweight
Marcelo Pontes (BRA) v Azouz Anwar (EGY)
Catchweight 90kg
Moustafa Rashid Nada (KSA) v Imad Al Howayeck (LEB)
Welterweight
Mohammed Al Khatib (JOR) v Gimbat Ismailov (RUS)
Flyweight (women)
Lucie Bertaud (FRA) v Kelig Pinson (BEL)
Lightweight
Alexandru Chitoran (BEL) v Regelo Enumerables Jr (PHI)
Catchweight 100kg
Mohamed Ali (EGY) v Marc Vleiger (NED)
Featherweight
James Bishop (AUS) v Mark Valerio (PHI)
Welterweight
Gerson Carvalho (BRA) v Abdelghani Saber (EGY)
Middleweight
Bakhtiyar Abbasov (AZE) v Igor Litoshik (BLR)
Bantamweight:
Fabio Mello (BRA) v Mark Alcoba (PHI)
Welterweight
Ahmed Labban (LEB) v Magomedsultan Magemedsultanov (RUS)
Bantamweight
Trent Girdham (AUS) v Jayson Margallo (PHI)
Lightweight
Usman Nurmagomedov (RUS) v Roman Golovinov (UKR)
Middleweight
Tarek Suleiman (SYR) v Steve Kennedy (AUS)
Lightweight
Dan Moret (USA) v Anton Kuivanen (FIN)
World%20Cup%202023%20ticket%20sales
%3Cp%3EAugust%2025%20%E2%80%93%20Non-India%20warm-up%20matches%20and%20all%20non-India%20event%20matches%0D%3Cbr%3EAugust%2030%20%E2%80%93%20India%20matches%20at%20Guwahati%20and%20Trivandrum%0D%3Cbr%3EAugust%2031%20%E2%80%93%20India%20matches%20at%20Chennai%2C%20Delhi%20and%20Pune%0D%3Cbr%3ESeptember%201%20%E2%80%93%20India%20matches%20at%20Dharamsala%2C%20Lucknow%20and%20Mumbai%0D%3Cbr%3ESeptember%202%20%E2%80%93%20India%20matches%20at%20Bengaluru%20and%20Kolkata%0D%3Cbr%3ESeptember%203%20%E2%80%93%20India%20matches%20at%20Ahmedabad%0D%3Cbr%3ESeptember%2015%20%E2%80%93%20Semi-finals%20and%20Final%3C%2Fp%3E%0A
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
