EIFO provides £500 million guarantee for East Anglia Three wind farm

EIFO has announced a £500 million project finance guarantee for ScottishPower Renewables’ £4.5 billion East Anglia Three offshore wind farm project off the coast of Suffolk (the UK).

The new farm is an add-on to the East Anglia wind cluster and will be opera-tional by the end of 2026.

East Anglia Three will have 95 14.7 MW Siemens Gamesa wind turbines, enabling it to reach an installed capacity of 1397 MW. The entire East Anglia wind cluster is expected to reach a total capacity of 3.8 GW.

Cadeler, who runs the industry’s largest fleet of jack-up offshore wind installation vessels out of Denmark, is responsible for the installation, and the Danish cable industry pioneer NKT will deliver and install the cable infrastructure.

ScottishPower Renewables is a subsidiary of Spain’s energy giant Iberdrola – a world leader in installed renewable energy capacity – with whom EIFO has a well-established and strong relationship.

Previously, Iberdrola has financed projects such as this on its own balance sheet. The company specifically requested EIFO’s participation, together with 23 international banks, in this non-recourse project financing for East Anglia Three. Consequently, this is the first project finance guarantee extended from EIFO to an Iberdrola-owned entity.

Jose Sainz Armanda, CFO of Iberdrola, commented: “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.”

Peter Boeskov, CCO of EIFO, added: “This guarantee underscores EIFO’s ambition to continue advancing the buildout of green energy and contribute to Europe-an 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 decarbonisation 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.”

The financing totals £3.6 billion and consists of senior debt (approximately 70%) and capital contributed by Iberdrola shareholders (the remaining 30%).

The participating banks are: BBVA, HSBC, ING, NatWest, SMBC, MUFG, Bank of China, Crédit Agricole, CaixaBank, Santander, BNP Paribas, Helaba, Barclays, ANZ, Rabobank, FAB, ICO, Abanca, Kutxabank, Standard Chartered Bank, Bank of Ireland CIC, and Siemens Bank. Crédit Agricole CIB and MUFG have acted as financial advisors for the transaction and A&O Shearman acted as legal advisors to the borrower.

The transaction, which was 40% oversubscribed, is one of the largest of its kind to date and will cover a substantial part of the total investment in the project, estimated at approximately £4.5 billion.

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