Jul 28, 2025
The East Anglia THREE offshore wind project has reached a financial close of $4.8 billion.
Masdar and Iberdrola have secured £3.6 billion ($4.87 billion) in financing for the 1.4GW East Anglia THREE offshore wind farm in the UK. Located off the Suffolk coast, East Anglia THREE will rank among the largest offshore wind farms globally when it begins operations in the fourth quarter of 2026. It will produce enough clean energy for 1.3 million British homes, create over 2,300 construction jobs, and sustain 100 long-term positions throughout its operational life.
The financing package includes contributions from 23 banks and Denmark’s Export Credit Agency, covering part of the total estimated project costs of €5.2 billion. The financing was oversubscribed by over 40%, indicating strong lender confidence in the project and its partners. In July 2025, Masdar and Iberdrola announced their co-investment in the East Anglia THREE project, each holding a 50% stake and jointly managing the asset. This co-investment is part of a broader €15 billion strategic partnership formed in December 2023 to accelerate clean energy projects in markets like Germany, the UK, and the US.
East Anglia THREE has long-term revenue security through a Consumer Price Index-linked contract for difference (CfD) awarded by UK government auctions AR4 and AR6, along with a power purchase agreement (PPA) with Amazon signed in 2024. Masdar's CEO, Mohamed Jameel Al Ramahi, noted that the significant investor interest in this deal, the largest ever for Masdar, underscores their leadership in sustainable finance and the demand for high-quality renewable energy projects.
He emphasized that the announcement marks a major advancement in their partnership with Iberdrola and in the UK’s clean energy efforts, supporting the nation's energy transformation goals. The banks involved in financing the project include BBVA, HSBC, Santander, BNP Paribas, and Siemens Bank. Financial advisors for the transaction were Crédit Agricole CIB and MUFG, while A&O and Shearman provided legal counsel to the borrower.
The financing package includes contributions from 23 banks and Denmark’s Export Credit Agency, covering part of the total estimated project costs of €5.2 billion. The financing was oversubscribed by over 40%, indicating strong lender confidence in the project and its partners. In July 2025, Masdar and Iberdrola announced their co-investment in the East Anglia THREE project, each holding a 50% stake and jointly managing the asset. This co-investment is part of a broader €15 billion strategic partnership formed in December 2023 to accelerate clean energy projects in markets like Germany, the UK, and the US.
East Anglia THREE has long-term revenue security through a Consumer Price Index-linked contract for difference (CfD) awarded by UK government auctions AR4 and AR6, along with a power purchase agreement (PPA) with Amazon signed in 2024. Masdar's CEO, Mohamed Jameel Al Ramahi, noted that the significant investor interest in this deal, the largest ever for Masdar, underscores their leadership in sustainable finance and the demand for high-quality renewable energy projects.
He emphasized that the announcement marks a major advancement in their partnership with Iberdrola and in the UK’s clean energy efforts, supporting the nation's energy transformation goals. The banks involved in financing the project include BBVA, HSBC, Santander, BNP Paribas, and Siemens Bank. Financial advisors for the transaction were Crédit Agricole CIB and MUFG, while A&O and Shearman provided legal counsel to the borrower.