Project financing facilities totalling £3.6 billion (€4.1 billion) have been secured with 23 banks and the Danish Export Credit Agency (EIFO), in one of the biggest such transactions in the sector and the largest ever by Masdar. The financing will cover a substantial part of the total project costs, estimated at approximately €5.2 billion. The facility was oversubscribed by more than 40%, reflecting lenders’ confidence in the project’s fundamentals and the robustness of the partners.

Mohamed Jameel Al Ramahi, CEO, Masdar, responded: “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. This 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.

Masdar and Iberdrola announced their co-investment in East Anglia THREE in July 2025, with each party taking a 50% stake and having co-governance of the 1.4 GW asset, which will be pivotal in advancing Europe’s ambitious offshore wind development targets.

Located off the Suffolk coast in the UK, East Anglia THREE will become one of the world’s two largest offshore wind farms when it comes into operation in 4Q26, delivering enough clean energy to power 1.3 million British homes.

The project benefits from long-term revenue security through a 15-year CPI-linked Contract for Difference (CfD) awarded in the UK Government’s AR4 and AR6 auctions, as well as a Power Purchase Agreement (PPA) with Amazon signed in 2024. Over 2300 jobs are expected to be created during construction, with 100 long-term roles supported across its lifetime.

The co-investment in East Anglia THREE marks a significant milestone in the €15 billion strategic partnership Masdar and Iberdrola signed in December 2023 – one of the largest ever bilateral alliances in the global clean energy sector – to accelerate clean energy deployment across key markets including the UK, Germany, and the US.

The participating banks in the East Anglia THREE financing are: 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, Bank of Ireland, CIC, and Siemens Bank.

Crédit Agricole CIB and MUFG acted as Financial Advisors for the transaction, and A&O and Shearman acted as Legal Advisor to the borrower.

For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.

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Read the article online at: https://www.energyglobal.com/wind/25072025/masdar-and-iberdrola-achieve-financial-close-for-52-billion-offshore-wind-farm/