Iberdrola has secured a new €500 million (£431m) green loan that will be used for the construction and development of an offshore wind farm in the UK.
Granted by Citi and partly guaranteed by the Norwegian Export Credit Agency (Eksfin), the loan will support the energy firm’s East Anglia Three offshore wind project, which will have a capacity of 1,400MW.
The wind farm, which will be the second largest of its kind in the world, is expected to generate enough electricity to power around 1.3 million homes in the UK.
More than 2,300 jobs are to be supported during the construction of the offshore wind farm.
The loan is part of Iberdrola’s strategy to strengthen its multilateral financing sources, those backed by credit agencies and those from development banks.
Iberdrola states: “With this loan, the company chaired by Ignacio Galán continues to consolidate its leadership in sustainable financing, with more than €50 billion under active management, of which close to €18.5 billion are related to green bonds, which make it the largest private issuer of this type of debt.”