Spanish energy giant Iberdrola has secured a €500m ($553.78m) loan from Citi, partly guaranteed by the Norwegian Export Credit Agency (Eksfin), to support the East Anglia Three offshore wind farm in the UK.
The loan will be used for the development and construction of East Anglia Three, which will have a capacity of 1.4GW.
To be located 69km from the Suffolk coast, the project will comprise up to 100 wind turbines. Once completed, it will generate enough power for 1.3 million homes.
The loan has a drawdown period of two years.
Iberdrola is active in Norway's offshore wind space with its partners Norsk Havvind and TotalEnergies.
The loan will support the company’s aim of diversifying financing, being offered by various financial institutions and development banks such as the World Bank and the European Investment Bank (EIB) as well as market and export credit agencies.
With this loan, Iberdrola claims to have consolidated more than €50bn to date, of which nearly €18.5bn is tied to green bonds.
Last month, Iberdrola received a €1bn loan from the European Investment Bank, which will be used to develop 19 solar plants and three wind projects with total capacity of 2.2GW across Spain, Portugal and Germany.
