A partnership between Iberdrola and Masdar has reached an agreement to co-invest €1.6 billion in an offshore wind project located in the Baltic Sea.

The project, known as the Baltic Eagle offshore wind farm, has a capacity of 476MW and is set to bolster Europe’s energy independence.

Regulatory approvals have been secured and the venture is now ready to move forward.

Under the terms of the agreement, Iberdrola will assume a majority stake of 51% in the project and will be responsible for its control, management, operation, maintenance and corporate services.

The Baltic Eagle wind farm is designed to include 50 wind turbines, each with a capacity of 9.53MW.

It is expected to produce 1.9TWh of electricity annually, sufficient to meet the energy requirements of 475,000 homes and reduce annual carbon dioxide emissions by 800,000 tonnes.

The project is scheduled to become operational by the end of 2024 and it has already secured long term contracts for 100% of its electricity production.