Iberdrola has obtained a green loan of 500 million euros from the Citi bank that is partially guaranteed by the Norwegian Export Credit Agency (Eksfin). The funds will be used for the construction and development of the East Anglia Three offshore wind farm, which Iberdrola is developing in UK waters.
This park will have a capacity of 1,400 megawatts (MW), enough to supply clean energy to 1.3 million homes, more than the populations of Liverpool and Glasgow combined.
“In addition to very advantageous long-term conditions, the loan has a 24-month drawdown period, providing the group with liquidity. This will raise Iberdrola's cushion, which at the end of the first quarter exceeded 21,000 million euros," the Spanish company said yesterday in a statement.
With this operation, Iberdrola claims to strengthen its ties with Norway. The sovereign fund of that country, Norges Bank, is one of its main shareholders, with more than 3% of the capital. It also signed an alliance with him a few months ago to co-invest in Spain in the development of 1,265 MW of new renewable capacity that it expects to expand by another 500 MW shortly. In turn, Iberdrola actively participates in offshore wind development in Norway with TotalEnergies and Norsk Havvind.
