The Export and Investment Fund of Denmark (EIFO) has announced a £500m ($664m) project finance guarantee to support the East Anglia Three offshore wind farm, which is being developed offshore Suffolk, UK.
The £4.5bn ($5.9bn) East Anglia Three is being developed by ScottishPower Renewables, a subsidiary of Iberdrola.
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Scheduled to become operational by late 2026, it is part of the East Anglia wind cluster and will have a capacity of 1,397MW.
East Anglia Three will feature 95 Siemens Gamesa turbines, each with 14.7MW capacity.
Cadeler will leverage its extensive fleet for turbine installation for the project, while NKT will deliver and install essential cable infrastructure.
Iberdrola chief financial officer Jose Sainz Armanda stated: “This financing is highly strategic for Iberdrola. It reflects not only the quality of the project, but also Iberdrola’s ability to mobilise capital with key international players such as EIFO.
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By GlobalData“This initiative will make a decisive contribution to the development of renewable generation and the electrification of the economy.”
ScottishPower has secured £3.6bn for the project, with 70% consisting primarily of senior debt, complemented by 30% equity from Iberdrola shareholders accounting for the remaining portion.
A consortium of banking institutions, including BBVA, HSBC, ING, NatWest and Siemens Bank, has participated in funding this project.
EIFO large corporates chief commercial officer Peter Boeskov stated: “This guarantee underscores EIFO’s ambition to continue advancing the buildout of green energy and contribute to European energy independence. Iberdrola is a valued partner to us in the green transition, and we are delighted to be a part of the company’s first project financing.
“This milestone demonstrates the role export finance can play in delivering the green transition, and the need for innovative financing solutions to realise the critical projects required to reach decarbonisation and energy security goals. We aim to continue this partnership and provide further financing for Iberdrola’s other projects to accelerate the global expansion of green electricity.”
In July 2025, Masdar and Iberdrola obtained £3.6bn ($4.87bn) in financing for the development of the East Anglia Three project.
