Abu Dhabi-based Masdar is in final negotiations to buy nearly half of the 1.4GW East Anglia 3 offshore wind project in the UK from Spain’s Iberdrola as part of a new alliance planning to invest up to €15bn ($16.2bn) in joint offshore wind and green hydrogen projects in key markets.

The two renewables giants during the COP28 climate summit in Dubai signed a strategic partnership agreement to evaluate the joint development of projects in Germany, the UK and the US, among others.