Baltic Eagle
Located 27-30km northeast of Rugen Island. Connected to 50Hertz Ostwind 2 (shared with Arcadis Ost 1).
Status
Operationallifecycle stage
Location
GermanyBaltic Sea
Technology
Capacity
476 MW ◆
Turbines
50 × 9.5 MW ◆
Model
Vestas V174 9-5 ◆
Foundation
Monopile ◆
Site & conditions
Site rights
Seabed rights held ∴
Origination
BNetzA Offshore Wind Auction 2018 (transitional) · 2018 ·
Water depth
41–45 m ◆
Distance from shore
27.6 km ◆
Wind speed
10.0 m/s @ 150 m ≈
Revenue & grid
Offtake
Premium · €64.6/MWh ◆
Grid
Secured ◆
Connection
50Hertz Ostwind 2 offshore grid system; two 90km subsea export … ◆
Schedule
FID
Taken · date not recorded ∴
COD
2025-Q3 ◇
Project timeline & ownership verified milestones on the spine · ownership from Hafrok’s transactions record
Origination · 2018-04
BNetzA Offshore Wind Auction 2018 (transitional)
- Awarded to
- Iberdrola (Baltic Eagle GmbH)
- Basis
- integrated tender
From the auction results — the round that created the project.
Farmdown · 2023-07
Iberdrola → Masdar 49%
- Stake
- 49%
- Consideration
- €375m
- Implied 100% value
- €765m
- Implied
- €1.61m / MW
- Announced
- 2023-07
- Closed
- 2024-Q1
- Project stage
- under construction
Iberdrola sold 49% to Masdar for ~EUR 375m equity consideration. Masdar also secured EUR 488m project financing separately. Iberdrola retained 51%. Wind farm entered full operation 2024. Implied equity value per MW EUR 1,608/MW. Iberdrola's own H1 2023 results presentation states the same 375M price "implies a valuation of 100% of the wind farm of approximately 1,630 M Eur" — a broader whole-farm basis (the project was mid-construction; Masdar separately took the 488m project financing), NOT a contradiction of the equity figure.
Evidence
- masdar.ae — Masdar | 404 Page ↗ 2023-07 ◆ held
- brazilenergyinsight.com — Iberdrola Sells 49% stake in Baltic Eagle Offshore Wind Farm to Abu Dhabi’s Masdar ↗ 2023-07 ◆ held
From Hafrok’s transactions record
Dashed tick marks today (9 Sep 2026). The teal diamond on the spine is origination — the seabed award or round that created the project. Every other ownership event lives in the band below: one station per recorded deal, dated at its label, in deal order rather than to calendar scale. Secondary trades appear only at the interchanges; grey lines are parties whose entry or exit Hafrok’s record does not hold.
Announced-COD history: 2024→2024→2025-07 · 3 recorded revisions · slipped +1.0 yr (first announced 2024)
Revenue & offtake the regime the project was built under
Offtake regime on record
RegimeWindSeeG Übergangsmodell sliding market premium; minimum regulated tariff EUR 64.6/MWh for 20 years
Instrumentmarket premium
A built project sells its power under the contract or support regime it was financed with; it is not expected to bid into new government offtake rounds. Where the record does not yet name that regime, the row says so rather than guessing.
Installation how the build is going · from satellite counts and Hafrok’s registers
Satellite installation tracker
counted from satellite radar images · a structure standing in the sea on a given date, not a turbine producing power · a guide, not a sourced fact
Installation · counted from satellite
Foundations50 of 50≈100% · first seen 2022-10-16 · 8 more than the record expects — a met mast, a platform not on the register, or a survey artefact
Turbines50 of 50≈100% · first seen 2023-05-08
Latest count2026-08-29from 650 satellite passes · 1 substation platform left out so the counts compare with the turbine number · anything first seen in the last 60 days is not yet confirmed
Hafrok counts foundations and turbines from satellite radar images (≈): a structure is counted once it is seen standing in the sea, which is not the same as producing power. A structure first seen in the last 60 days is not yet confirmed, because on a single image a freshly set foundation and a ship holding position look alike. Substation platforms are left out so the counts compare with the number of turbines. Rows marked with a dot (·) come from Hafrok’s own registers; a supplier or contract appears only where a source states it — everything else reads “not recorded”, never guessed.
Structures standing over time · count
strong line = confirmed · light line = seen in the last 60 days, not yet confirmed · the chart counts every structure (50 turbines + 1 platform); the table counts turbines only
foundationsturbines up (a substation top being set in place counts here too)
Satellite image
Image taken2026-09-07≈Copernicus Sentinel-1 radar satellite, northbound pass
Farm covered100%≈the whole farm lies inside the image
Structures ringed59 confirmed · 0 not yet confirmed≈as counted on 2026-08-29 · the image is newer than the count, so a bright spot without a ring may be a structure not yet counted
Construction ports
PortPort of Sassnitz-Mukran ~30km ◆·installation and operations · draft 13.5 m
Contains modified Copernicus Sentinel data 2026, processed by ESA and by Microsoft Planetary Computer.
Latest satellite radar image · 2026-09-07
a radar picture, not a photograph: the sea is dark, steel is bright · black is beyond the edge of the image
confirmed structure (59)seen recently, not yet confirmed (0)probably a substation platform (a larger structure than a turbine; the register above has the facts)farm boundary
Grid connection
from Hafrok’s substation, converter and cable registers
Offshore platforms · 1
Offshore substationBaltic Eagle Offshore Substation (OSS)·220/66 kV · in service 2023 · owner Iberdrola (wind farm owner; farm-owned platform, not TSO-owned)
Grid connection · ready in time?
when each part of the grid connection is due, against the start date the developer states (black line) · a bar spans the whole year, quarter or month the source gives
installed or in serviceexpected deliveryearlier date that was later moved
Sources & verification
17/18 fields verified · rests on 11 sources (5 primary) · ◆ 4 documents held
◆Verified≈Modelled◇Sourced∴Inferred⌁Convention○Unverified∅No source·Derived
Numbers are stable citation ids — grouped by source class, so they are not consecutive.
Regulator2
[1]
Bundesamt fuer Seeschifffahrt und Hydrographie (BSH)2022-04-22◆ Planfeststellungsbeschluss Offshore-Wind…
“BSH Az: 5111/Baltic Eagle/PFV Rostock, den 22. April 2022 Planfeststellungsbeschluss […] (1) 50 (fuenfzig) Offshore Windenergieanlagen (OWEA) mit folgenden Parametern: […] Nennleistung je WEA: 9,525 M…”
supportsConsentTurbinesModelUnit capacityTotal capacity+5 more
[14]
Bundesnetzagentur — Marktstammdatenregister2026-08-23◆ Marktstammdatenregister (MaStR) offshore…
“Park row "Baltic Eagle": 50 units, 476.25 MW gross, statuses {'In Betrieb': 50}, operators ['Baltic Eagle GmbH'], commissioned 2024-05-02..2024-09-21, planned None..None.”
supportsRegister entry
Operator2
[3]
Masdar2023-11-02◆ Masdar | Iberdrola and Masdar close thei…
"Following confirmation that all the necessary regulatory approvals have been received, Iberdrola will have a majority stake of 51% in the project. [...] minimum regulated tariff of EUR 64.6/MWh for t…
supportsMechanismStrike / priceDetail
[8]
Trade press7
[5]
[6]
[7]
[9]
[10]
[11]
Power Technology2023-11
Press report — cited, not quoted; read it at the source link.
supportsoperatorco-investor
[12]