Masdar and global energy leader Iberdrola have completed the financial close for the 1.4 GW East Anglia Three offshore wind farm in the UK. Valued at AED 20.8 billion, it is one of the largest offshore wind deals of the decade.
The agreement includes AED 16.4 billion in financing from 23 banks and Denmark’s export credit agency. This marks Masdar’s largest-ever financing transaction and covers over 40% of the project’s total cost, reflecting strong lender confidence and robust partner credentials.
Masdar CEO Mohamed Jameel Al Ramahi highlighted that the scale and quality of investor interest affirm Masdar’s global leadership in sustainable finance and growing demand for high-quality renewable energy assets.
He added that the partnership with Iberdrola supports the UK’s clean energy goals and sets the stage for further large-scale collaborations to shape the future of renewable power.
Earlier this month, Masdar and Iberdrola announced a 50-50 joint investment in the East Anglia Three project, which will be co-managed and is expected to become one of the world’s largest offshore wind farms when operational in late 2026. Located off the Suffolk coast, it will provide clean power to 1.3 million UK homes.
The project benefits from a 15-year CPI-linked Contract for Difference awarded by the UK government and a 2024 power purchase agreement with Amazon.
It will also create over 2,300 construction jobs and support around 100 permanent roles.
This investment follows the €15 billion strategic partnership signed by Masdar and Iberdrola in December 2023 to accelerate clean energy deployment across the UK, Germany, and the US.