The Export and Investment Fund of Denmark (EIFO) has provided a £500m (€573m) project finance guarantee for East Anglia Three wind farm, a £4.5bn UK offshore wind project being developed by Iberdrola’s subsidiary ScottishPower Renewables.
Last month, Iberdrola announced that Abu Dhabi Future Energy Company Masdar had agreed to co-invest in the 1.4GW East Anglia Three project in a deal which will give each company a 50% stake in the asset.
Earlier in the month, Iberdrola had also secured around £3.5bn in project financing for East Anglia Three, an amount expected to cover most of the project’s estimated €5.2bn cost, without adding debt to either partner’s balance sheets.
EIFO said it was the only export credit agency involved in the funding for the offshore project financing, together with 23 international banks.
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 the fourth quarter of 2026.
Peter Boeskov, CCO of EIFO, said: “This guarantee underscores EIFO’s ambition to continue advancing the buildout of green energy and contribute to European energy independence. Iberdrola is a valued partner to us in the green transition and we are delighted to be a part of the company’s first project financing.
“This milestone demonstrates the role export finance can play in delivering the green transition, and the need for innovative financing solutions to realise the critical projects required to reach decarbonization and energy security goals. We aim to continue this partnership and provide further financing for Iberdrola’s other projects to accelerate the global expansion of green electricity.”
Jose Sainz Armanda, CFO of Iberdrola, said: “This financing is highly strategic for Iberdrola. It is a project finance structure backed by 23 international financial institutions plus the significant participation of EIFO, which adds an additional level of strength.
“It reflects not only the quality of the project, but also Iberdrola’s ability to mobilise capital with key international players such as EIFO. This initiative will make a decisive contribution to the development of renewable generation and the electrification of the economy.”
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