Latest news with #EastAngliaTHREE
Gulf Today
5 days ago
- Business
- Gulf Today
Masdar, Iberdrola achieve financial close for €5.2 billion East Anglia THREE Offshore wind project
Masdar, a global clean energy leader, and Iberdrola, one of the world's largest energy companies, today announced they have reached financial close for the 1.4-gigawatt (GW) East Anglia THREE offshore wind farm, in one of the biggest offshore wind transactions this decade. Project financing facilities totalling £3.6 billion (€4.1 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 percent, reflecting lenders' confidence in the project's fundamentals and the robustness of the partners. Mohamed Jameel Al Ramahi, Chief Executive Officer, Masdar, said, 'The level and profile of investor interest in this financing deal – the largest we have ever signed at Masdar – reflects our position as a global leader in sustainable finance and investor appetite for high-quality renewable energy assets that deliver impact at scale. Today's announcement represents a significant step forward in our partnership with Iberdrola – and in the UK's clean energy journey, supporting the nation in meeting its energy transformation objectives. We look forward to collaborating further with Iberdrola on other gigawatt-scale greenfield projects that will help shape the future of clean energy in the UK and beyond.' Masdar and Iberdrola announced their co-investment in East Anglia THREE this month, with each party taking a 50 percent stake and having co-governance of the 1.4GW asset, which will be pivotal in advancing Europe's ambitious offshore wind development targets. Located off the Suffolk coast in the UK, East Anglia THREE will become one of the world's two largest offshore wind farms when it comes into operation in Q4 2026, delivering enough clean energy to power 1.3 million British homes. The project benefits from long-term revenue security through a 15-year CPI-linked Contract for Difference (CfD) awarded in the UK Government's AR4 and AR6 auctions, as well as a Power Purchase Agreement (PPA) with Amazon signed in 2024. Over 2,300 jobs are expected to be created during construction, with 100 long-term roles supported across its lifetime. The co-investment in East Anglia THREE marks a significant milestone in the €15 billion strategic partnership Masdar and Iberdrola signed in December 2023 – one of the largest ever bilateral alliances in the global clean energy sector – to accelerate clean energy deployment across key markets including the United Kingdom, Germany, and the United States. The participating banks in the East Anglia THREE financing are: BBVA, HSBC, ING, NatWest, SMBC, MUFG, Bank of China, Crédit Agricole, CaixaBank, Santander, BNP Paribas, Helaba, Barclays, ANZ, Rabobank, FAB, ICO, Abanca, Kutxabank, Standard Chartered Bank, Bank of Ireland, CIC and Siemens Bank. Crédit Agricole CIB and MUFG acted as financial advisors for the transaction, and A&O and Shearman acted as legal advisor to the borrower. WAM
Al Etihad
6 days ago
- Business
- Al Etihad
Masdar and Iberdrola's East Anglia THREE Offshore Wind Project secures £3.6 billion in financing
24 July 2025 14:06 ABU DHABI (ALETIHAD) Masdar, a global clean energy leader, and Iberdrola, one of the world's largest energy companies, have announced the financial close for the 1.4-gigawatt (GW) East Anglia THREE offshore wind farm. This significant transaction marks one of the biggest offshore wind deals of the decade. The project has secured approximately £3.6 billion (€4.1 billion) in financing from 23 banks and the Danish Export Credit Agency (EIFO). This makes it the largest financing facility ever signed by Masdar and one of the biggest for offshore wind globally to date. The financing facility was oversubscribed by more than 40%, demonstrating strong lender confidence in the project and its partners. The total project costs are estimated at approximately €5.2 Jameel Al Ramahi, Chief Executive Officer of Masdar, highlighted the significant investor interest, stating it "reflects our position as a global leader in sustainable finance and investor appetite for high-quality renewable energy assets that deliver impact at scale".He added that the announcement is a crucial step forward in their partnership with Iberdrola and in the UK's clean energy off the Suffolk coast in the UK, East Anglia THREE is set to become one of the world's two largest offshore wind farms when it commences operations in Q4 2026. It is expected to generate enough clean energy to power 1.3 million British and Iberdrola co-invested in the project earlier this month, each holding a 50% stake and sharing co-governance of the asset. The project benefits from long-term revenue security through a 15-year CPI-linked Contract for Difference (CfD) awarded in the UK Government's AR4 and AR6 auctions, as well as a Power Purchase Agreement (PPA) with Amazon signed in 2024. Over 2,300 jobs are anticipated during the construction phase, with an additional 100 long-term roles throughout its operational co-investment is a key milestone in the €15 billion strategic partnership established between Masdar and Iberdrola in December 2023. This alliance, one of the largest bilateral partnerships in the global clean energy sector, aims to accelerate clean energy deployment across vital markets including the United Kingdom, Germany, and the United States. Twenty-four leading credit institutions have committed financing, including BBVA, HSBC, ING, NatWest, SMBC, MUFG, Bank of China, Crédit Agricole, CaixaBank, Santander, BNP Paribas, Helaba, Barclays, ANZ, Rabobank, FAB, ICO, Abanca, Kutxabank, Standard Chartered Bank, Bank of Ireland, CIC, and Siemens Bank. Crédit Agricole CIB and MUFG served as financial advisors, while A&O and Shearman provided legal counsel to the borrower.
Arabian Business
10-07-2025
- Business
- Arabian Business
Masdar and Iberdrola power up $17.5bn clean energy alliance with UK and Germany offshore wind breakthroughs
Masdar, the UAE's flagship renewable energy company, and Iberdrola, one of the world's largest energy utilities, have taken two significant steps forward in their €15bn ($17.5bn) strategic partnership to scale up global offshore wind power. The first milestone is their co-investment in the 1.4GW East Anglia THREE offshore wind farm in the UK —one of the decade's biggest offshore wind transactions. The second is the full energisation of the 476MW Baltic Eagle wind farm in the German Baltic Sea, now supplying power to 475,000 homes and cutting carbon emissions by approximately 800,000 tonnes annually. Signed in December 2023, the Masdar–Iberdrola partnership is among the largest bilateral clean energy alliances globally, aimed at tripling renewable energy capacity by 2030. It includes offshore wind and green hydrogen projects with a combined value of €15bn ($17.5bn), targeting the UK, Germany, the US, and other key markets. East Anglia THREE: A UK Masdar project Under the agreement, Masdar and Iberdrola will each hold a 50 per cent stake in the East Anglia THREE wind farm, located off the Suffolk coast. When operational in Q4 2026, it will be among the world's two largest offshore wind farms and will generate enough electricity to power 1.3 million British homes. A key financial milestone was reached on July 9 when project financing of £3.5bn ($4.7bn) was secured through 24 international banks. The oversubscribed loan, one of the largest of its kind, will cover a substantial portion of the project's total cost without affecting the partners' consolidated debt. The project has secured long-term revenue certainty through a 15-year CPI-linked Contract for Difference (CfD) awarded by the UK Government and a Power Purchase Agreement (PPA) with Amazon, signed in 2024. More than 2,300 construction jobs will be created, with 100 permanent roles once operational. Baltic Eagle: Energised and Operational in Germany The second major milestone in the partnership is the full energisation of the 476MW Baltic Eagle wind farm in Germany. This marks Masdar's first project in Germany and with Iberdrola, and also represents its largest euro-denominated financing to date. Baltic Eagle will supply green energy to 475,000 households, helping Germany accelerate toward its clean energy targets. Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and Chairman of Masdar, said: 'Masdar and Iberdrola are continuing to forge one of the largest and most powerful strategic clean energy partnerships to accelerate capacity growth in Europe and worldwide. 'Offshore wind will play a crucial role in the global energy transformation, and landmark developments like Baltic Eagle and East Anglia THREE are significant advances towards clean energy targets in major European nations. 'With demand surging due to exponential AI growth and the rise of emerging markets, projects such as these have never been more critical.' Ignacio Galán, Iberdrola's Executive Chairman, said: 'Joining forces with Masdar in the East Anglia THREE offshore windfarm will allow Iberdrola to accelerate our strategic focus on the UK, where we are investing £24bn ($32.6bn) to 2028 in transmission and distribution networks and in renewable energy, contributing to the delivery of the UK Government's ambitious electrification plans.' Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: 'This landmark partnership underscores our commitment to driving Europe's energy transformation and advancing global climate goals.'
Time of India
10-07-2025
- Business
- Time of India
Masdar, Iberdrola announce €5.2 bn investment in UK offshore wind farm, energise 476 MW project in Germany
Masdar and Iberdrola have announced a €5.2 billion co-investment in the 1.4 GW East Anglia THREE offshore wind project in the UK and the full energisation of the 476 MW Baltic Eagle offshore wind farm in Germany, as part of their €15 billion strategic partnership. The East Anglia THREE project, located off the Suffolk coast in the UK, will have a capacity of 1.4 GW and is scheduled to be operational in the fourth quarter of 2026. It will supply electricity to 1.3 million British homes. Each company will hold a 50 per cent stake in the asset and co-governance rights. On July 9, project financing for East Anglia THREE was signed for approximately £3.5 billion (about €4.1 billion) with 24 international banks. The facility, which was oversubscribed by 40 per cent, will cover a substantial portion of the total project cost. The project benefits from a 15-year CPI-linked Contract for Difference awarded under the UK Government's AR4 and AR6 auctions and a Power Purchase Agreement with Amazon signed in 2024. Masdar and Iberdrola also announced the full energisation of the 476 MW Baltic Eagle project located in the German Baltic Sea. The project is expected to supply renewable energy to approximately 475,000 households and reduce carbon dioxide emissions by about 800,000 tonnes annually. Baltic Eagle is Masdar's first project in Germany and its largest euro-denominated financing. It is the second of Iberdrola's three wind farms in Germany, alongside Wikinger (350 MW, operational) and Windanker (315 MW, in planning). Together, these projects form Iberdrola's Baltic Hub. H.E. Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, said, 'Offshore wind will play a crucial role in the global energy transformation , and landmark developments like Baltic Eagle and East Anglia THREE are significant advances towards clean energy targets in major European nations.' Ignacio Galán, Executive Chairman of Iberdrola, said, 'Joining forces with Masdar in the East Anglia THREE offshore windfarm will allow Iberdrola to accelerate our strategic focus on the UK. The completion of Baltic Eagle represents a new milestone in our partnership.' Masdar CEO Mohamed Jameel Al Ramahi said the co-investments demonstrate how cross-border partnerships can accelerate clean energy deployment at scale. The Masdar-Iberdrola partnership, signed in December 2023, is one of the largest bilateral alliances in the clean energy sector. The partnership aims to support joint investments in offshore wind and green hydrogen projects , with a total expected investment value of €15 billion. Masdar has set a target of reaching 100 GW of clean energy capacity by 2030, with Europe expected to contribute up to 30 GW, following acquisitions in Spain and Greece. Iberdrola invested €17 billion in grids and renewable generation in 2024, including over €5.4 billion in renewables, adding 2,600 MW of new green capacity.
Gulf Today
10-07-2025
- Business
- Gulf Today
Masdar, Iberdrola announce UK offshore wind deal
Masdar, a global clean energy leader, and Iberdrola, one of the world's largest energy companies, have reached two major milestones with a co-investment in the UK's East Anglia THREE offshore wind farm – one of the largest offshore wind transactions of the decade – and the full energisation of their 476MW Baltic Eagle project in Germany. These developments mark significant progress in delivering Europe and the UK's offshore wind targets and advancing the companies' €15 billion strategic partnership to accelerate clean energy deployment across key markets including the UK, Germany, and the US. Signed in December 2023, the Masdar–Iberdrola partnership is one of the largest bilateral alliances in the global clean energy sector. Together, these projects accelerate Europe's offshore wind build-out and underscore Masdar and Iberdrola's commitment to tripling global renewable capacity by 2030. Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and Chairman of Masdar, said, 'Masdar and Iberdrola are continuing to forge one of the largest and most powerful strategic clean energy partnerships to accelerate capacity growth in Europe and worldwide. Offshore wind will play a crucial role in the global energy transformation, and landmark developments like Baltic Eagle and East Anglia THREE are significant advances towards clean energy targets in major European nations. With demand surging due to exponential AI growth and the rise of emerging markets, projects such as these have never been more critical." Masdar and Iberdrola will co-invest in the 1.4GW East Anglia THREE wind farm in the UK, in one of the largest offshore wind transactions of the decade. Under the agreement, each company will have a 50 percent stake in and co-governance of the asset, which will be pivotal in advancing Europe's ambitious offshore wind development targets. All the conditions precedent have been achieved and the transaction is expected to close shortly. In addition, on 9th July the project financing for East Anglia Three was signed for approximately £3.5 billion - around €4.1 billion euros - with 24 international banks. Oversubscribed by 40 percent, the facility is one of the largest ever such transactions. It will cover a substantial part of the total costs of the project, without consolidating debt in any of the partners' financial statements. Located off the Suffolk coast in the UK, East Anglia THREE will become one of the world's two largest offshore wind farms when it comes into initial operation in Q4 2026, delivering enough clean energy to power 1.3 million British homes. The project benefits from long-term revenue security through a 15-year CPI-linked Contract for Difference (CfD) awarded in the UK Government's AR4 and AR6 auctions, as well as a Power Purchase Agreement (PPA) with Amazon signed in 2024. Over 2,300 jobs are expected to be created during construction, with 100 long-term roles supported across its lifetime. Masdar and Iberdrola have also celebrated the completion and full energisation of the Baltic Eagle offshore wind farm in the German Baltic Sea. As the first project completed under the strategic partnership, the 476MW wind farm represents a major step forward in supporting Germany's clean energy ambitions, reinforcing both companies' leadership in renewable energy development. It will supply around 475,000 households with renewable energy while reducing carbon dioxide emissions by about 800,000 tonnes per year. Baltic Eagle is Masdar's first project with Iberdrola, its first in Germany and resulted in the company's largest ever euro-denominated financing. Ignacio Galán, Iberdrola's Executive Chairman, said, 'Joining forces with Masdar in the East Anglia THREE offshore windfarm will allow Iberdrola to accelerate our strategic focus on the UK, where we are investing £24 billion to 2028 in transmission and distribution networks and in renewable energy, contributing to the delivery of the UK Government's ambitious electrification plans.' Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said, 'This landmark partnership underscores our commitment to driving Europe's energy transformation and advancing global climate goals.' Masdar and Iberdrola will continue to jointly invest in future clean energy projects in Europe and in other markets. Work to identify other opportunities is already underway, with the anticipated total value of joint investments in offshore wind and green hydrogen as part of the partnership calculated at €15 billion. WAM
