Masdar and Iberdrola's East Anglia THREE Offshore Wind Project secures £3.6 billion in financing
ABU DHABI (ALETIHAD) Masdar, a global clean energy leader, and Iberdrola, one of the world's largest energy companies, have announced the financial close for the 1.4-gigawatt (GW) East Anglia THREE offshore wind farm. This significant transaction marks one of the biggest offshore wind deals of the decade. The project has secured approximately £3.6 billion (€4.1 billion) in financing from 23 banks and the Danish Export Credit Agency (EIFO). This makes it the largest financing facility ever signed by Masdar and one of the biggest for offshore wind globally to date. The financing facility was oversubscribed by more than 40%, demonstrating strong lender confidence in the project and its partners. The total project costs are estimated at approximately €5.2 billion.Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, highlighted the significant investor interest, stating it "reflects our position as a global leader in sustainable finance and investor appetite for high-quality renewable energy assets that deliver impact at scale".He added that the announcement is a crucial step forward in their partnership with Iberdrola and in the UK's clean energy transition.Located off the Suffolk coast in the UK, East Anglia THREE is set to become one of the world's two largest offshore wind farms when it commences operations in Q4 2026. It is expected to generate enough clean energy to power 1.3 million British homes.Masdar and Iberdrola co-invested in the project earlier this month, each holding a 50% stake and sharing co-governance of the asset. The project benefits from long-term revenue security through a 15-year CPI-linked Contract for Difference (CfD) awarded in the UK Government's AR4 and AR6 auctions, as well as a Power Purchase Agreement (PPA) with Amazon signed in 2024. Over 2,300 jobs are anticipated during the construction phase, with an additional 100 long-term roles throughout its operational lifetime.This co-investment is a key milestone in the €15 billion strategic partnership established between Masdar and Iberdrola in December 2023. This alliance, one of the largest bilateral partnerships in the global clean energy sector, aims to accelerate clean energy deployment across vital markets including the United Kingdom, Germany, and the United States.
Twenty-four leading credit institutions have committed financing, including BBVA, HSBC, ING, NatWest, SMBC, MUFG, Bank of China, Crédit Agricole, CaixaBank, Santander, BNP Paribas, Helaba, Barclays, ANZ, Rabobank, FAB, ICO, Abanca, Kutxabank, Standard Chartered Bank, Bank of Ireland, CIC, and Siemens Bank. Crédit Agricole CIB and MUFG served as financial advisors, while A&O and Shearman provided legal counsel to the borrower.
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