Masdar and Iberdrola Close Investment Deal for East Anglia Three Offshore Wind Farm

Abu Dhabi-based renewable energy company Masdar and Spanish energy giant Iberdrola have finalized a joint investment agreement for the 1.4GW East Anglia Three offshore wind farm in the UK.

Under the terms of the deal, each company will have a 50% stake in the €5.2bn ($6.1bn) project and will share governance responsibilities. This collaboration is part of a broader €15bn ($17.6bn) strategic alliance aimed at expanding offshore wind and green hydrogen projects in the UK, Germany, and the US.

Furthermore, both companies have secured a £3.5bn ($4.76bn) project financing package with the support of 24 international banks to fund the development of the wind farm, which is being led by ScottishPower, a subsidiary of Iberdrola.

This financing arrangement covers a significant portion of the project’s total cost, and neither Masdar nor Iberdrola will need to consolidate debt for the venture.

Located approximately 69 km off the Suffolk coast, East Anglia Three is scheduled to commence operations by late 2026. Once operational, it is expected to become one of the world’s largest offshore wind farms, providing renewable energy to power around 1.3 million homes.

Sultan Al Jaber, Chairman of Masdar, commented, “Landmark projects like Baltic Eagle and East Anglia Three play a crucial role in advancing clean energy goals across major European nations. In a world where energy demand is rising rapidly due to technological advancements and the growth of emerging markets, initiatives like these are more important than ever.”