2023-08-28 12:48:32
Photo: Iberdrola
Iberdrola achieved a “green” loan for an amount of 500 million granted by Citi and partially guaranteed by the Government-owned Norwegian Export Credit Agency (Eksfin) to finance the construction and development of the East Anglia Three offshore wind farm, in the United Kingdom. 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. The park will be located 69 km off the Suffolk coast, east of the country and in the south of the North Sea.
Its about first loan that Eksfin guarantees to a Spanish energy company. The loan, with an average life of nine years, makes it possible to extend the duration of Iberdrola’s debt at a competitive price and is part of the company’s financing strategy, capable of diversifying its debt structure.
The Spanish energy company highlights that this operation strengthens its relationship with its Norwegian partners. In this sense, Iberdrola actively participates in offshore wind development in Norway with TotalEnergies and Norsk Havvind. Iberdrola also maintains a strategic alliance with the Norwegian sovereign wealth fund, managed by Norges Bank Investment Management, to co-invest in 1,265 MW of new renewable capacity in Spain -20% wind and 80% photovoltaic-, and they are working to expand it by an additional 500 MW for the Iberian Peninsula. In turn, the sovereign wealth fund is one of the main shareholders of Iberdrola with a participation of more than 3% for more than seven years.
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