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Key Insights
Iberdrola and Masdar have finalized a co-investment agreement for the 1.4 GW East Anglia Three offshore wind project in the UK, marking the largest transaction in the sector this decade.
The partners secured approximately EUR 4.1 billion in project financing from 24 international banks, significantly oversubscribed, covering a substantial portion of the EUR 5.2 billion total project cost.
Construction of East Anglia Three, located off the Suffolk coast, is already underway, with 95 Siemens Gamesa 14+ MW turbines set for installation, targeting initial operation by late 2026.
This co-investment falls under the EUR 15 billion strategic partnership between Iberdrola and Masdar, underscoring their commitment to global clean energy expansion and market leadership.
Iberdrola, the Spanish renewable energy giant, and Masdar, the UAE's clean energy powerhouse, have formally cemented a co-investment agreement for the 1.4 GW East Anglia Three offshore wind project in the UK. This landmark deal, announced on July 10, 2025, represents the largest offshore wind transaction of the decade, signaling robust confidence in the sector's growth trajectory and the strategic importance of large-scale renewable infrastructure.
Under the terms of the agreement, which is anticipated to close imminently, both companies will hold a 50 percent stake in the project, establishing a co-governance framework. This equity partnership underpins the project's financial structure, which was further solidified by the successful securing of approximately EUR 4.1 billion in project financing on July 9. A syndicate of 24 international banks participated in the facility, which was notably oversubscribed by 40 percent, reflecting strong institutional appetite for de-risked, high-capacity renewable assets. This financing package will cover a substantial portion of the project's estimated total cost of EUR 5.2 billion, without consolidating debt onto the partners' balance sheets.
Construction activities for East Anglia Three, developed and managed by Iberdrola’s UK subsidiary, ScottishPower Renewables, are already well underway. Foundation installation and export cable laying are progressing off the coast of Suffolk, approximately 69 kilometers offshore. The project is designed to host 95 Siemens Gamesa 14+ MW wind turbines, a testament to the increasing scale and efficiency of modern offshore wind technology. Initial operation is slated for the fourth quarter of 2026, with full commissioning expected to provide clean electricity to power 1.3 million British homes.
East Anglia Three has secured a 15-year CPI-linked Contract for Difference (CfD) through the UK government's AR4 and AR6 CfD auctions, providing long-term revenue stability. Additionally, a Power Purchase Agreement (PPA) is in place with Amazon, further de-risking the project's output. Masdar's co-investment aligns with the broader EUR 15 billion strategic partnership forged with Iberdrola in December 2023, an alliance positioned as one of the most significant bilateral collaborations in the global clean energy sector. This transaction underscores the growing trend of international partnerships driving the acceleration of the energy transition.