East Anglia THREE offshore wind project has achieved financial close, which is one of the decade’s biggest offshore wind deals. Masdar and Iberdrola, who each hold a 50% equity in the project, jointly announced its development. The 1.4-gigawatt (GW) green power scheme will be located off the Suffolk coast in the United Kingdom. It will be one of the two biggest offshore wind farms in the world when finished.
The £3.6 billion (€4.1 billion) finance was syndicated from 23 banks and Denmark’s export credit agency (EIFO). The finance will cover much of the cost of the project, which is around €5.2 billion. Notably, the funding facility had been oversubscribed by over 40 percent. Masdar CEO Mohamed Jameel Al Ramahi stated that this is a reflection of heightened investor confidence in renewable energy projects. The East Anglia THREE offshore wind farm, which begins in Q4 2026, will provide power to 1.3 million British homes.
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Significance of the East Anglia THREE Offshore Wind Project
East Anglia THREE offshore wind farm is part of leading the UK’s clean energy transformation. It also supports Europe’s offshore wind ambitions. Furthermore, the project is Masdar’s largest that it has ever financed, an indication of investors’ trust. Long-term energy security is delivered through a 15-year CPI-linked Contract for Difference and a 2024 Power Purchase Agreement with Amazon. Additionally, the project will create over 2,300 jobs in construction and 100 permanent positions. East Anglia THREE is part of a €15 billion joint clean energy agreement between Masdar and Iberdrola signed in December 2023. Both companies will equally manazge the project. The project involves huge infrastructure for servicing its 1.4 GW capacity and long-term operations. The participating banks are HSBC, Crédit Agricole, MUFG, BNP Paribas, and Standard Chartered, amongst others.
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