EIFO is providing a £500 million project finance guarantee for the biggest offshore wind power project in a decade. The guarantee underscores EIFO’s role in facilitating the green transition and opens the door to further collaboration with Iberdrola for future projects.
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 (United Kingdom).
The new farm is an add-on to the East Anglia wind cluster and will be operational by the end of 2026.
Danish exporters delivers
East Anglia Three will have 95 14.7 MW Siemens Gamesa wind turbines, enabling it to reach an installed capacity of 1,397 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.
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.
A well-established and strong relationship
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 mobilize 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.”
This milestone demonstrates the role export finance can play in delivering the green transition, and the need for innovative financing solutions to realize the critical projects required to reach decarbonization and energy security goals.
Innovative financing is needed for the green transition
Peter Boeskov, CCO of EIFO, commented:
“This guarantee underscores EIFO’s ambition to continue advancing the buildout of green energy and contribute to European 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 realize the critical projects required to reach decarbonization 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.”
One of the largest transactions to date
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.
About East Anglia Three
East Anglia Three is being built in the North Sea, 69 km off the coast of Suffolk (United Kingdom). The farm will have 95 Siemens Gamesa wind turbines of 14.7 MW each, enabling it to reach an installed capacity of 1,397 MW.
East Anglia Three will contribute significantly to the UK's decarbonization targets, generating clean energy for more than 1.3 million homes and avoiding the emission of millions of tons of CO₂.
Read more at: East Anglia THREE - ScottishPower Renewables
About Iberdrola
The Iberdrola Group is a global energy leader, with a market capitalization of over €100 billion as of 30 June 2025. In a context where electrification is advancing unstoppably, Iberdrola is driving innovation and a sustainable and competitive business model that creates value for the whole of society.
Iberdrola is committed to the energy transition with a sustainable business model based on renewable energy, smart grids, large-scale energy storage and digital transformation, to offer customers the most advanced products and services.
Read more at: Iberdrola | Towards an electric future - Iberdrola
