"source" and"Iberdolla" The financial closure process for the station project is completed "East Alexia 3" At a value of 20.8 billion dirhams
Abu Dhabi, July 24 / WAM / Abu Dhabi Future Energy Company, “Source”, and “Eberdolla”, one of the largest energy companies in the world, announced the completion of the financial closure process for the development of the “East Engelia 3” marine wind power station with a capacity of 1.4 GWh in the United Kingdom, which is one of the largest deals in the marine wind energy sector during this contract. The deal included providing financing facilities with a total value of 16.4 billion dirhams, in which 23 banks and Danish Export Credit Agency participated, and it is one of the largest financing deals in this sector, and the largest of its kind for the company “Masdar”.
This financing will cover a large part of the total cost of the project, which is estimated at about 20.8 billion dirhams, and the total financing granted exceeded 40%of the total cost, which reflects the confidence of the lenders in the project and the status of partners.
On this occasion, Mohamed Jamil Al -Ramahi, CEO of Masdar, said that the level and size of the authorities interested in participating in the financing deal reflects the world’s leading position in the field of sustainable financing, and the increasing demand from investors on high -quality renewable energy assets capable of achieving a widespread impact.
He added that this step represents an important achievement in the framework of partnership with “Eberdramola”, and contributes to supporting the UK’s march to create a qualitative shift in the energy sector and achieving its goals for clean energy, looking to continue cooperation with “Iberdolla” to develop more huge projects with high productive capabilities that actively contribute to drawing the features of the future of clean energy in the United Kingdom and abroad.
Source and “Eberdolla” announced this month a joint investment in the “East Engelia 3” project, where each of them will have a 50%stake, with a partnership in the management of the plant of 1.4 GW, which would contribute to supporting Europe’s ambitions in the field of marine wind energy. East Engelia 3 is located off the coast of Suffolk, UK.
According to a statement, it is expected that when operating in the last quarter of 2026, it will become one of the two largest marine wind power plants in the world, as it will provide clean energy for 1.3 million homes in Britain.
The project takes advantage of the long -term revenue guarantee by concluding differences linked to the consumer price index for a period of 15 years, which was granted within the fourth and sixth auctions of the United Kingdom government, and an agreement to purchase energy with Amazon was signed in 2024.
The project is expected to contribute to saving more than 2,300 job opportunities during the construction phase, as well as supporting about 100 permanent jobs throughout the operating period. The joint investment in the “East Engelia 3” project is an important station within the framework of the strategic partnership of 15 billion euros, which was signed by “Masdar” and “Iberdolla” in December 2023, which is one of the most prominent and largest bilateral partnerships in the global clean energy sector, and aims to accelerate the spread of clean energy solutions in major markets that include Germany, the United Kingdom and the United States of America.
The list of institutions participating in the “East Angela 3” project includes “BPV”, “HSBC”, “ING”, “Natwist”, “SMBC”, “MUFG”, China Bank, Credit Agricole, Kaxa Bank, Santander, “BNB Pariba”, “Hillaba”, and Barkles And “AN Z”, Rabu Bank, Abu Dhabi First Bank, “ICO”, Apanka, Kotschanic, Standard Chartrad, Ireland, CIC, and Siemens Bank. Credit Agricole CIP and MUFG have played the financial advisors of the deal, while AD & and Sherman’s “ADANANS” involved.
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