Masdar and Iberdrola today announced they have reached financial close for the UK’s 1.4 GW East Anglia THREE offshore wind farm, in one of the biggest offshore wind transactions this decade.
“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,” said Mohamed Jameel Al Ramahi, CEO of Masdar.
Masdar and Iberdrola secure $4.82 billion financing facilities
Project financing facilities totaling $4.82 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 $6.11 billion. The facility was oversubscribed by more than 40 percent, reflecting lenders’ confidence in the project’s fundamentals and the robustness of the partners.
“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,” added Al Ramahi.
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Wind farms to come into operation in Q4 2026
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 $17.62 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.
