Linklaters advises on financing of one of the world’s largest offshore wind farms

Linklaters has advised the lenders on the £3.6bn (€4.2bn) project financing of the East Anglia THREE offshore wind project, in one of the biggest offshore wind transactions of the last decade.

When the 1.4GW project, which is located off the Suffolk coast in the UK, comes into operation in Q4 2026, it will deliver enough clean energy to power 1.3 million British homes. In addition, over 2,300 jobs are expected to be created during construction, with 100 long-term roles supported across its lifetime.

Masdar and Iberdrola will each have a 50% stake and have co-governance of the asset, which will be pivotal in advancing Europe’s ambitious offshore wind development targets.

Richard Ginks commented:

“We are very proud to have been able to assist in delivering this important transaction for sponsors and lenders alike. Huge congratulations to everyone involved. This transaction sets a new benchmark for offshore wind. The ability to complete a deal of this scale and complexity, involving both international expertise and innovative structuring, underlines Linklaters’ role at the leading edge of offshore wind.”

Richard Coar commented:

“Whilst transactions of this nature are not getting any easier, this success, coupled with the recent successes on each of the Inch Cape, NZT, NEP, HyNet and Sizewell projects (upon which Linklaters also advised), demonstrates the continued and strong appetite in both the debt and equity markets to support well-structured projects such as East Anglia THREE. Here’s hoping for a very successful AR7, which the offshore wind market clearly needs!”

The Linklaters deal team was led by Energy & Infrastructure partners Richard Ginks and Richard Coar, alongside managing associates Madeline Armitage and Jeremy Tan and associate Henry Joscelyne.