Masdar and Iberdrola have secured financial close for the East Anglia THREE offshore wind farm in UK. The wind farm has a capacity of 1.4 GW and has secured total project financing facilities of €4.1 billion with 23 banks and the Danish Export Credit Agency (EIFO). The financing will cover a substantial portion of the total project costs, estimated to be around €5.2 billion.
The two companies announced their co-investment for the wind farm earlier in July 2025, each taking a 50 per cent stake and having co-governance of the asset. Located off the Suffolk coast in UK, the project is expected to become operational in the fourth quarter of 2026. Furthermore, the project benefits from long-term revenue security through a 15 year CPI-linked Contract for Difference (CfD) awarded in AR4 and AR6 auctions by UK Government. It also benefits from a power purchase agreement, which was inked with Amazon in 2024.
Additionally, the banks that participated in the financing of the project 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, Bank of Ireland, CIC, and Siemens Bank. Crédit Agricole CIB and MUFG served as financial advisors for the transaction, and A&O and Shearman served as legal advisors to the borrower.
In July 2025, the companies announced full energisation of the 476 MW Baltic Eagle offshore wind farm. The project is situated in the German Baltic Sea. It will supply renewable electricity to approximately 475,000 households and will reduce carbon emissions by about 800,000 tonnes per year.
