Latest news with #EastAngliaThree
Khaleej Times
6 days ago
- Business
- Khaleej Times
Masdar and Iberdrola achieve financial close for €5.2 billion East Anglia offshore wind project
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 totalling £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 per cent, 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 per cent 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.
Arabian Post
11-07-2025
- Business
- Arabian Post
Abu Dhabi's Masdar and Iberdrola Back £5 Billion UK Offshore Wind Venture
Greenlogue/AP Abu Dhabi's renewable energy developer Masdar and Spanish energy giant Iberdrola have announced a joint investment totalling €5.2 billion in the UK's 1.4 GW East Anglia Three offshore windfarm. The project, located around 69 km off the Suffolk coast, will be equally co-owned—50:50—by both firms and supported by a €4.1 billion financing package arranged by 24 international banks. East Anglia Three forms part of a decade‑long partnership underpinned by a broader €15 billion strategic alliance between Masdar and Iberdrola, which spans offshore wind and green hydrogen projects across Europe and the United States. The deal represents one of the most significant offshore wind transactions this decade. ADVERTISEMENT Construction finance closed on 9 July 2025, locking in €4.1 billion—approximately 79% of project's total capital cost—raising expectations for smooth delivery into fourth-quarter 2026 operations. Development benefits from a 15‑year, inflation-linked Contract for Difference awarded in the UK government's Auction Round 4 and 6, and a power purchase agreement inked with Amazon in 2024. Upon commissioning, the offshore windfarm is expected to supply clean electricity to some 1.3 million British homes. The onshore cable corridor will transmit that output to the grid, reinforcing the UK's growing offshore capacity. The build phase will generate around 2,300 jobs, with roughly 100 permanent roles for operations and maintenance teams. Masdar, whose parent TAQA holds a 43% stake, has set an ambitious target of 150 GW of renewable capacity by 2030. This partnership in the UK complements its recent acquisition activity in Europe, including a $200 million investment in a Spanish solar portfolio and purchases of Greece's Terna Energy and Spain's Saeta Yield. Iberdrola, already a major renewable investor in the UK via ScottishPower, plans to deploy €28 billion in Britain through 2028 across clean energy and grid modernisation. Earlier this week, the companies also marked the commissioning of their joint Baltic Eagle project in Germany: a 476 MW offshore windfarm energising 475,000 homes and reducing CO₂ emissions by approximately 800,000 tonnes annually. Chief executives from both firms emphasised the strategic and operational strength of their alliance. Masdar's Mohamed Jameel Al Ramahi described East Anglia Three as delivering 'transformative impact at scale' and demonstrating how transnational cooperation can accelerate Europe's energy transition. Iberdrola's Ignacio Galán highlighted the alignment of the project with the firm's commitment to energy security and meeting climate targets, reaffirming the importance of the UK market to the group's growth ambitions. Industry analysts note the project financing's oversubscription by approximately 40%, underscoring strong investor confidence and signalling favourable market sentiment for large-scale renewables. The substantial backing without material balance sheet consolidation further enhances the appeal for future large offshore developments. East Anglia Three represents a critical addition to the UK's offshore wind infrastructure, currently gearing up to meet net‑zero targets with an installed capacity in excess of 13 GW by 2030. The 1.4 GW project will nearly double the capacity of the existing East Anglia One site, reinforcing the region's North Sea energy hub credentials. The rapid progression from deal signing to financing and project mobilisation reflects broader trends in the offshore wind sector, including increased collaboration between sovereign-backed developers and utility-scale investors. With offshore wind capacity in Europe expected to grow substantially in the late 2020s, East Anglia Three exemplifies the type of large‑scale project critical to decarbonisation and energy security.
BBC News
29-04-2025
- Business
- BBC News
Work off coast of Norfolk and Suffolk begins on wind farm
The installation of an offshore wind farm's first turbine foundation has been described as a "real wow moment".ScottishPower Renewables announced the construction milestone had been reached at East Anglia Three, being built 69km (43 miles) off the coast of Norfolk and £4bn ($5.3bn) wind farm will have 95 turbines, each almost 84-m (275-ft) take a closer look at the project, which will feature the largest turbines in Europe installed by a jack-up barge, which has movable legs attached to the hull. How many homes will it power? ScottishPower Renewables said each turbine used up to 1,800 tonnes of steel and each had to be lifted and precisely placed in an area with a total size of almost 43,000 football will generate 1,400 megawatts (MW) of electricity, equivalent to powering more than 1.3 million Jordan, chief executive officer, said the installation of the first foundation was a "real wow moment"."It represents a mammoth feat of engineering, skill and a huge amount of work," he said."We've never built anything of this scale before. "To visibly see it starting to take shape in the North Sea is a real milestone moment and definitely something to be proud of." How does it compare to the earliest offshore wind farms? In 2004, a wind farm was built off the coast of Great Yarmouth at Scroby was only the second offshore wind farm in the turbines there are much smaller, generating just one-seventh of the electricity of the giants of East Anglia was capable of generating 60MW across its array of 30 turbines, enough power for 48,000 2023, one of the turbines caught charred blades and gearbox housing are still visible. It is due to be dismantled later this year. How do you install giant turbines? Project partner Seaway7 is installing all 95 of East Anglia Three's turbine Seaway Ventus jack-up vessel has been fitted with custom-built 7 executive Lloyd Duthie said he was proud the first foundation was in."This achievement comes after two years of preparation, resulting in Seaway Ventus installing the largest monopile from a jack-up vessel in Europe. "It really is testament to the scale of engineering that can be achieved together with partners across the supply chain." How many jobs is it creating? ScottishPower Renewables said East Anglia Three will support thousands of supply-chain jobs during its development and includes 100 in Lowestoft throughout the 25-year operational lifetime of the wind farm. ScottishPower Renewables has invested £120,000 on science, technology, engineering and maths (STEM) education in the region, pledging to help 8,000 students over the next three 180 trainee-ships, which will include apprentice and graduate opportunities, will be Yarmouth-based Stowen was awarded a contract with East Anglia Three to provide construction include project managers, off-shore technicians and warehouse Ford, chief operating officer, said 12 full-time personnel would grow to about 20 who would be offshore for Stowen at any one time. Follow Norfolk news on BBC Sounds, Facebook, Instagram and X.
