In early 2022, Masdar and Iberdrola announced their plan to co-invest in the East Anglia THREE offshore wind project. This collaboration is a significant step forward for the renewable energy industry. It was back in July 2025, when both of the companies celebrated a shared commitment to such an ambitious partnership. At a capacity of 1.4 gigawatts (GW), the project is estimated to cost about €5.2 billion. East Anglia THREE is positioned a little over 60 nautical miles off the Suffolk coast. Once finished, it will be one of the largest offshore wind farms in the world.
This huge project is kind of in its own world because it has a strong joint financing package. It has garnered strong support from 23 banks and Denmark’s Export Credit Agency (EIFO). Investor interest was overwhelming, with the financing facility being oversubscribed by more than 40%. This vigorous appetite speaks to the enduring attractiveness of the project to equity investors. Masdar and Iberdrola jointly own a 50% stake in East Anglia THREE. This continued partnership further cements their commitment to leading the way on clean energy initiatives.
Project Impact and Sustainability
East Anglia THREE is expected to be operational in the 4th quarter of 2026. It is expected to produce enough clean power to power about 1.3 million British homes. This project is a big move towards a more sustainable energy future. It will generate more than 2,300 construction jobs and sustain nearly 100 long-term jobs during its operational life.
Masdar CEO Mohamed Jameel Al Ramahi emphasized the project’s importance by stating, “Today’s announcement represents a significant step forward in our partnership with Iberdrola – and in the UK’s clean energy journey, supporting the nation in meeting its energy transformation objectives.”
Financial Framework and Agreements
The East Anglia THREE project has a CfD based on the Consumer Price Index. This contract was awarded under the UK’s AR4 and AR6 auctions. This financial framework will provide certainty and stability of revenue flows into the project, making it more viable in an increasingly competitive energy marketplace. Additionally, a power purchase agreement (PPA) was signed with Amazon in 2024, further securing market access for the energy produced.
Al Ramahi commented on the financing deal’s significance: “The level and profile of investor interest in this financing deal – the largest we have ever signed at Masdar – reflects our position as a global leader in sustainable finance and investor appetite for high-quality renewable energy assets that deliver impact at scale.”
Future Collaborations
These joint efforts between Masdar and Iberdrola go beyond the East Anglia THREE project. Both companies are excited to pursue additional gigawatt-scale greenfield development projects. They position themselves to lead the global clean energy transition, both at home in the UK, and in key international markets.