The UAE-based Masdar and the Spanish energy group Iberdrola have reached financial close on the 1.4 GW East Anglia THREE offshore wind park, located off the Suffolk coast in the UK. A total of £3.6bn (€4.1bn) in project financing has been secured from 23 banks and the Danish export credit agency EIFO, covering a significant portion of the project’s estimated total cost of €5.2bn.
Masdar and Iberdrola announced their co-investment in East Anglia THREE in July 2025, with each party holding a 50% stake and sharing joint governance of the 1.4 GW asset. Once operational, expected in the fourth quarter of 2026, East Anglia THREE will be among the two largest offshore wind parks in the world. The project benefits from long-term revenue stability, secured through a 15-year CPI-linked Contract for Difference (CfD) awarded under the UK Government’s AR4 and AR6 auction rounds. It is also supported by a Power Purchase Agreement (PPA) with Amazon, signed in 2024.
This project builds on the strategic partnership formed at COP28 in 2023, where Masdar and Iberdrola committed to co-develop clean energy projects in key markets—including Germany, the UK, and the US—with the goal of tripling renewable capacity by 2030.
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