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FILE PHOTO: A yacht sails in front of an offshore wind farm, seen from Walton-on-the-Naze, southern Britain, August 13, 2024. REUTERS/Toby Melville.
The Abu Dhabi Future Energy company Masdar and Spanish energy giant Iberdola to co-invest in the UK’s 1.4 GW East Anglia Three wind farm, which is being built at an estimated cost of 5.2 billion euros ($6.1 billion).
Masdar, in which the Abu Dhabi National Energy Company (TAQA) holds a 43% shareholding, will have a 50% stake in the asset, with Iberdola holding an equal share.
East Anglia Three comprises an offshore windfarm approximately 69km from the Suffolk coast and an onshore cable route to transport energy.
Project financing for East Anglia Three was signed for approximately €4.1 billion with 24 international banks, the two companies said.
The greenfield project is scheduled to commence initial operations in Q4 2026.
Masdar and Iberdrola have earlier partnered on the 476 MW Baltic Eagle Offshore wind farm in the German Baltic Sea.
(Writing by Bindu Rai, editing by Seban Scaria)
