UAE green energy giant Masdar invests in $6B UK wind farm: What to know
A consortium of 24 international banks has raised $4.8 billion in financing for the British energy project.
Emirati state-owned renewables company Masdar and Spanish energy giant Iberdrola have invested in the United Kingdom’s 1.4-gigawatt East Anglia Three wind farm, which is being built at an estimated cost of 5.2 billion euros ($6.1 billion).
Masdar will hold a 50% stake in East Anglia Three, with Iberdrola holding the remaining half.
The offshore wind farm, which is expected to begin operations in the fourth quarter of next year, is located off the Suffolk coast in eastern England and includes an onshore cable route to transport energy.
The two companies said in a statement that project financing for the East Anglia Three was signed for approximately 4.1 billion euros ($4.81 billion) with 24 international banks.
