By: AGBI news

Abu Dhabi Future Energy Company (Masdar) and Spanish utility Iberdrola have jointly secured funding for the East Anglia Three wind farm in the UK, which is expected to be operational in the last quarter of 2026.

A loan of nearly £3.5 billion ($4.8 billion) was secured from 24 international banks for the 1.4 gigawatt (GW) greenfield wind farm, located 69 km from the Suffolk coast in the east of England.

Masdar and Iberdrola each own a 50 percent stake in the project, Abu Dhabi National Energy Company (Taqa) said in a statement to the Abu Dhabi bourse on Thursday. Taqa owns 43 percent of Masdar.

The transaction is anticipated to close shortly as all the pre-conditions to secure the loan have been met, the statement said.

The companies completed the installation of 50 wind turbines at the 476 megawatt Baltic Eagle offshore wind farm in the German Baltic Sea.

In June Masdar announced that it would increase its presence in international debt markets to accelerate plans to install 100 GW of renewable energy capacity by the end of the decade.

The company raised $1 billion in a green bond sale in May, following previous issuances of $750 million in 2023 and $1 billion in 2024. 

The renewables major is actively pursuing acquisitions and project development across the Middle East, Europe, North America and former Soviet states.

In 2024, it secured $6 billion in non-recourse financing to support 11GW of clean energy projects across 12 developments in nine countries.