Masdar and Iberdrola will each take a 50% stake and share governance in the 1.4GW East Anglia Three offshore wind farm, located off the Suffolk coast in the UK.
On 9 July, project financing of approximately £3.5 billion (around €4.1 billion) was signed with 24 international banks. This will cover a significant share of the project’s total estimated cost of €5.2 billion, without consolidating debt on either partner’s balance sheet.
East Anglia Three is scheduled to begin operations in the fourth quarter of 2026. It benefits from long-term revenue stability through a 15-year inflation-linked Contract for Difference awarded in the UK Government’s fourth and sixth allocation rounds, and a Power Purchase Agreement signed with Amazon in 2024.
The companies have also marked the completion and full energisation of the 476MW Baltic Eagle offshore wind farm in the German Baltic Sea. This is the first project delivered under the Masdar–Iberdrola partnership, which was signed in December 2023.
