In a move to bolster its liquidity position and support sustainable energy projects, Iberdrola has successfully obtained a new €500 million green loan from Citi, with partial backing from the Norwegian Export Credit Agency (Eksfin). The purpose of this financing is to aid the construction and development of the East Anglia 3 offshore wind farm in the United Kingdom, with an impressive capacity of 1400MW.
For the first time, Eksfin has provided guaranteed financing to a Spanish energy company, marking a significant milestone in Iberdrola's commitment to renewable energy ventures. The loan, which boasts an average life of nine years, enables Iberdrola to extend the duration of its debt at a competitive price while simultaneously diversifying its debt structure in line with the company's financing strategy.
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The green loan features a 24-month drawdown period, granting Iberdrola the flexibility to allocate funds efficiently during the construction phase of the East Anglia 3 project. This strategic move aligns Iberdrola with its sustainable energy goals and strengthens its position as a major player in the renewable energy sector.
Eksfin, the esteemed public Norwegian Export Agency, holds a triple A rating, reflecting its robust financial standing and credibility in facilitating green financing endeavors. With this latest transaction, Iberdrola's total loans under guaranteed by an Export Credit Agency (ECA) now amount to an impressive €2 billion.
This initiative underscores Iberdrola's unwavering dedication to combating climate change and promoting a sustainable energy future. By leveraging the support of Eksfin and Citi, Iberdrola takes another step towards achieving its ambitious renewable energy targets while fortifying its financial stability in the competitive global energy market.
