Masdar, a global clean energy leader, and Iberdrola, one of the world’s largest energy companies, have reached financial close for the 1.4-gigawatt (GW) East Anglia THREE offshore windfarm, in one of the biggest offshore wind transactions this decade.
Project financing facilities totaling to $4.8 billion (£3.6 billion) have been secured with 23 banks and the Danish Export Credit Agency (EIFO), in one of the biggest such transactions in the sector and the largest ever by Masdar.
The financing will cover a substantial part of the total project costs, estimated at approximately $6.1 billion (€5.2 billion). The facility was oversubscribed by more than 40 percent, reflecting lenders’ confidence in the project’s fundamentals and the robustness of the partners.
“The level and profile of investor interest in this financing deal, the largest we have ever signed at Masdar, reflects our position as a global leader in sustainable finance and investor appetite for high-quality renewable energy assets that deliver impact at scale. Today’s announcement represents a significant step forward in our partnership with Iberdrola, and in the UK’s clean energy journey, supporting the nation in meeting its energy transformation objectives. We look forward to collaborating further with Iberdrola on other gigawatt-scale greenfield projects that will help shape the future of clean energy in the UK and beyond.”
Masdar and Iberdrola announced their co-investment in East Anglia THREE this month, with each party taking a 50 percent stake and having co-governance of the 1.4GW asset, which will be pivotal in advancing Europe’s ambitious offshore wind development targets.
Located off the Suffolk coast in the UK, East Anglia THREE will become one of the world’s two largest offshore wind farms when it comes into operation in the fourth quarter of 2026, delivering enough clean energy to power 1.3 million British homes.
The co-investment in East Anglia THREE marks a significant milestone in the $17.6 billion (€15 billion) strategic partnership Masdar and Iberdrola signed in December 2023, one of the largest ever bilateral alliances in the global clean energy sector, to accelerate clean energy deployment across key markets including the United Kingdom, Germany, and the United States.
