Masdar and Iberdrola have announced a major €5.2 billion offshore wind deal.
The pair will co-invest in the 1.4GW East Anglia THREE wind farm, marking what is the biggest offshore wind transaction of the decade. Each will have a 50% stake in the project. Each will have co-governance of the asset. Project financing has been signed for around £3.5 billion too, working out at around €4.1 billion with 24 international banks. This covers a substantial part of the total costs of the project, which are estimated to be €5.2 billion.
Once operational, East Anglia THREE will become one of the world’s biggest offshore wind farms, bringing with it enough power for 1.3 million British homes. It is expected initial operations will start up in Q4 2026. It is expected to create over 2,300 jobs through construction and support 100 long-term ones over the lifetime of the project.
