Masdar and Iberdrola achieve financial close for wind project

Masdar, a global clean energy leader, and Iberdrola, one of the world’s largest energy companies, announced they have reached financial close for the I.4-gigawatt (GW) East Anglia THREE offshore wind farm, in one of the biggest offshore wind transactions this decade.

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Project financing facilities totalling £3.6 billion (€4 billion) have been secured with 23 banks and the Danish Export Credit Agency (EIFO), in one of the biggest such transactions in the sector and the largest ever by Masdar. The financing will cover a substantial part of the total project costs, estimated at approximately €5.2 billion.

The facility was oversubscribed by more than 40 per cent, reflecting lenders’ confidence in the project's fundamentals and the robustness of the partners.