The Export and Investment Fund of Denmark (EIFO) has provided a £500 million project finance guarantee for the East Anglia Three offshore wind farm in UK. The project, developed by ScottishPower Renewables, is valued at £4.5 billion. Located off the Suffolk coast, East Anglia Three is an expansion of the East Anglia wind cluster and is scheduled to become operational by the end of 2026.
The wind farm will comprise 95 Siemens Gamesa turbines, each with a capacity of 14.7 MW, bringing the total installed capacity to 1,397 MW. The broader East Anglia cluster is expected to reach 3.8 GW. Installation will be carried out by Cadeler, while NKT will deliver and install the cable infrastructure.
The project is financed through a project finance structure backed by 23 international financial institutions, alongside the EIFO guarantee. Moreover, it has secured £3.6 billion in project financing through a structure comprising approximately 70 per cent senior debt and 30 per cent equity from Iberdrola’s shareholders.
