Masdar, Iberdrola Secure $4.8B Financing for 1.4GW UK Offshore Wind Farm

Masdar, Abu Dhabi's state-owned renewable energy company, and Spanish utility Iberdrola have reached major milestones in their €15 billion strategic partnership to invest in renewable energy across Europe and the U.S. They secured approximately €4.1 billion ($4.8 billion) in financing from a consortium of 24 international banks for the UK’s East Anglia Three offshore wind farm, a 1.4 GW project off the Suffolk coast expected to begin operations in late 2026 and power 1.3 million homes. The project, jointly owned 50-50 by Masdar and Iberdrola, benefits from a 15-year CPI-linked Contract for Difference awarded by the UK government as well as a power purchase agreement with Amazon. Additionally, they have completed the 476 MW Baltic Eagle offshore wind farm in Germany, which will supply clean electricity to about 475,000 households and marks Masdar’s entry into the German market. These developments are key components of the partners' efforts to accelerate offshore wind capacity growth in Europe and globally, with further investments planned under their ongoing alliance. Both companies emphasize their commitment to supporting ambitious clean energy targets and job creation throughout construction and operation phases.