Investment agreement signed for 1.4 GW Offshore Wind farm in UK

Masdar and Iberdrola will co-invest EUR5.2 billion (USD6.07 billion) in the 1.4 GW East Anglia 3 Offshore wind project located off the coast of Suffolk, southern North Sea, UK.

Under the agreement, each company will have a 50% stake in and co-governance of the asset, which will be pivotal in advancing Europe’s ambitious offshore wind development targets. All the conditions precedent have been achieved and the transaction is expected to close shortly.

In addition, on 9 July the project financing for East Anglia Three was signed for approximately GBP3.5 billion (USD4.72 billion) with 24 international banks. Oversubscribed by 40%, the facility is one of the largest ever such transactions. It will cover a substantial part of the total costs of the project, estimated at approximately EUR5.2 billion (USD6.07 billion), without consolidating debt in any of the partners’ financial statements.

The project is comprised of 95 units of 14.7 MW wind turbines and is expected to become operational in Q4 2026, delivering enough clean energy to power 1.3 million British homes.