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The Export and Investment Fund of Denmark (EIFO) is providing a GBP 500 million (approximately EUR 576 million) finance guarantee to support the development of ScottishPower Renewables’ East Anglia Three offshore wind farm in the UK.
EIFO was invited exclusively by Iberdrola to participate in the offshore wind farm’s GBP 3.6 billion non-recourse project financing, alongside 23 international banks. This is the first project finance guarantee extended from EIFO to an Iberdrola-owned entity.
The financing consists of senior debt (approximately 70 per cent) and capital contributed by Iberdrola shareholders (the remaining 30 per cent).
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.
“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,” said Peter Boeskov , CCO of EIFO.
Developed and being built by Iberdrola’s UK arm, ScottishPower Renewables, East Anglia Three is located 69 kilometres off the coast of Suffolk, where 95 Siemens Gamesa 14+ MW wind turbines will be installed as part of the project.
Construction has already started , with foundation and export cable installation currently underway.