Masdar and Iberdrola have secured £3.6bn ($4.87bn) in financing for the development of the 1.4GW East Anglia THREE offshore wind farm in the UK.
Situated off the Suffolk coast, East Anglia THREE will become one of the world’s largest offshore wind farms once operational in the fourth quarter (Q4) of 2026.
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It will generate sufficient clean power for 1.3 million British homes while supporting more than 2,300 construction jobs and maintaining 100 long-term positions throughout its lifespan.
The funding package includes contributions from 23 banks and Denmark’s Export Credit Agency.
This funding will cover a portion of the total project costs, which are estimated to be €5.2bn.
The financing facility was oversubscribed by more than 40%, demonstrating lenders’ strong confidence in the project’s fundamentals and the reliability of its partners.
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By GlobalDataIn July 2025, Masdar and Iberdrola announced their co-investment in the East Anglia THREE project, with each company holding a 50% stake and jointly governing the 1.4GW asset.
This co-investment aligns with a broader €15bn strategic partnership between the companies established in December 2023 to expedite clean energy initiatives across markets including Germany, the UK and the US.
East Anglia THREE benefits from long-term revenue security through a Consumer Price Index-linked contract for difference (CfD) awarded by UK government auctions AR4 and AR6, as well as a power purchase agreement (PPA) signed with Amazon in 2024.
Masdar CEO Mohamed Jameel Al Ramahi stated: “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.”
The banks involved in the financing of 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.
