emirates7 - Masdar, a global leader in clean energy, and Iberdrola, one of the world’s top energy companies, have announced the financial close of the 1.4-gigawatt (GW) East Anglia THREE offshore wind farm — marking one of the decade’s largest offshore wind deals.
The project has secured £3.6 billion (€4.1 billion) in financing from 23 banks and the Danish Export Credit Agency (EIFO). This funding, which significantly contributes to the total project cost of around €5.2 billion, represents Masdar’s largest financing deal to date and one of the biggest in the sector overall.
The financing facility was oversubscribed by more than 40%, signaling strong lender confidence in the project’s viability and the strength of the partnership.
Mohamed Jameel Al Ramahi, Masdar’s CEO, stated, “The high level of investor interest in this record-breaking deal underlines Masdar’s global reputation in sustainable finance and the growing demand for impactful, large-scale renewable energy investments. This milestone strengthens our collaboration with Iberdrola and advances the UK’s energy transition. We look forward to expanding our cooperation on other large-scale green energy ventures in the UK and internationally.”
Earlier this month, Masdar and Iberdrola confirmed a 50:50 co-investment and joint governance structure for East Anglia THREE, a project expected to be instrumental in achieving Europe’s ambitious offshore wind targets.
Situated off the coast of Suffolk in the UK, East Anglia THREE will rank among the two largest offshore wind farms globally when it goes online in Q4 2026, providing clean electricity to power 1.3 million homes.
The project benefits from long-term financial stability through a 15-year CPI-linked Contract for Difference (CfD) awarded in the UK Government’s Allocation Rounds 4 and 6, along with a Power Purchase Agreement (PPA) signed with Amazon in 2024. It is expected to over 2,300 construction jobs and sustain around 100 permanent roles over its operational life.
This co-investment builds on the €15 billion strategic alliance formed between Masdar and Iberdrola in December 2023 — one of the largest bilateral clean energy agreements — aimed at accelerating renewable energy deployment in key markets such as the UK, Germany, and the US.
The 23 participating financial institutions include: BBVA, HSBC, ING, NatWest, SMBC, MUFG, Bank of China, Crédit Agricole, CaixaBank, Santander, BNP Paribas, Helaba, Barclays, ANZ, Rabobank, FAB, ICO, Abanca, Kutxabank, Standard Chartered, Bank of Ireland, CIC, and Siemens Bank. Crédit Agricole CIB and MUFG served as financial advisors, while A&O and Shearman acted as legal counsel for the borrower.
The project has secured £3.6 billion (€4.1 billion) in financing from 23 banks and the Danish Export Credit Agency (EIFO). This funding, which significantly contributes to the total project cost of around €5.2 billion, represents Masdar’s largest financing deal to date and one of the biggest in the sector overall.
The financing facility was oversubscribed by more than 40%, signaling strong lender confidence in the project’s viability and the strength of the partnership.
Mohamed Jameel Al Ramahi, Masdar’s CEO, stated, “The high level of investor interest in this record-breaking deal underlines Masdar’s global reputation in sustainable finance and the growing demand for impactful, large-scale renewable energy investments. This milestone strengthens our collaboration with Iberdrola and advances the UK’s energy transition. We look forward to expanding our cooperation on other large-scale green energy ventures in the UK and internationally.”
Earlier this month, Masdar and Iberdrola confirmed a 50:50 co-investment and joint governance structure for East Anglia THREE, a project expected to be instrumental in achieving Europe’s ambitious offshore wind targets.
Situated off the coast of Suffolk in the UK, East Anglia THREE will rank among the two largest offshore wind farms globally when it goes online in Q4 2026, providing clean electricity to power 1.3 million homes.
The project benefits from long-term financial stability through a 15-year CPI-linked Contract for Difference (CfD) awarded in the UK Government’s Allocation Rounds 4 and 6, along with a Power Purchase Agreement (PPA) signed with Amazon in 2024. It is expected to over 2,300 construction jobs and sustain around 100 permanent roles over its operational life.
This co-investment builds on the €15 billion strategic alliance formed between Masdar and Iberdrola in December 2023 — one of the largest bilateral clean energy agreements — aimed at accelerating renewable energy deployment in key markets such as the UK, Germany, and the US.
The 23 participating financial institutions include: BBVA, HSBC, ING, NatWest, SMBC, MUFG, Bank of China, Crédit Agricole, CaixaBank, Santander, BNP Paribas, Helaba, Barclays, ANZ, Rabobank, FAB, ICO, Abanca, Kutxabank, Standard Chartered, Bank of Ireland, CIC, and Siemens Bank. Crédit Agricole CIB and MUFG served as financial advisors, while A&O and Shearman acted as legal counsel for the borrower.