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Mid East Info
5 days ago
- Business
- Mid East Info
Masdar and Iberdrola Achieve Financial Close for €5.2 billion East Anglia THREE Offshore Wind Project - Middle East Business News and Information
Fotograaf: Project financing secured for approximately £3.6 billion (€4.1 billion) to fund the construction of 1.4GW offshore wind farm in the UK, set to be one of the largest in world Masdar's largest-ever financing facility and among the biggest for offshore wind globally to date Financing committed by 24 leading credit institutions, with oversubscription of 40% Abu Dhabi, United Arab Emirates/ Bilbao, Spain – July, 2025: Masdar, a global clean energy leader, and Iberdrola, one of the world's largest energy companies, today announced they 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 £3.6 billion (€4.1 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 €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. Mohamed Jameel Al Ramahi, Chief Executive Officer, Masdar, said: '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 Q4 2026, delivering enough clean energy to power 1.3 million British homes. 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 expected to be created during construction, with 100 long-term roles supported across its lifetime. The co-investment in East Anglia THREE marks a significant milestone in the €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. The participating banks in the East Anglia THREE financing are: 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 acted as financial advisors for the transaction and A&O and Shearman acted as legal advisor to the borrower. About Masdar: Masdar (Abu Dhabi Future Energy Company) is one of the world's fastest-growing renewable energy companies. As a global clean energy leader, Masdar is advancing the development and deployment of solar, wind, geothermal, battery storage and green hydrogen technologies to accelerate the energy transformation and help the world meet its net-zero ambitions. Established in 2006, Masdar has developed and invested in projects in over 40 countries with a combined capacity of 51 gigawatts (GW), providing affordable clean energy access to those who need it most and helping to power a more sustainable future. Masdar is jointly owned by TAQA, ADNOC, and Mubadala, and is targeting a renewable energy portfolio capacity of 100GW by 2030 while aiming to be a leading producer of green hydrogen by the same year.
Al Etihad
5 days ago
- Business
- Al Etihad
Masdar and Iberdrola's East Anglia THREE Offshore Wind Project secures £3.6 billion in financing
24 July 2025 14:06 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 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 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 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 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.
