Iberdrola has signed a green financing agreement to support the development of the East Anglia Three offshore wind farm in the North Sea, 69 km off the Suffolk coast. The project will feature 95 Siemens Gamesa turbines, each rated at 14.7 MW, for a total installed capacity of 1,400 MW.
The financing totals approximately £3.6 billion (about €4.1 billion) and involves 23 banks and the Danish Export Credit Agency (EIFO). It will contribute significantly to the estimated total investment of €5.2 billion.
Structured as green project finance, the arrangement is based on the project’s expected future revenue. Around 70% will be covered by senior debt, with the remainder provided by shareholders. The funds will be used for construction of turbines, substations, converter stations and submarine cables, both onshore and offshore, as well as pre-operational costs. The project is scheduled to become operational in the fourth quarter of 2026.
Revenue will be supported by a UK government-awarded Contract for Difference and a long-term power purchase agreement signed with Amazon in 2024.
