Iberdrola has reinforced its liquidity position with a new €500m green loan granted by Citi, and partly guaranteed by the Norwegian Export Credit Agency (Eksfin).
The aim is for the funds to be used for the construction and development of the East Anglia 3 offshore wind farm in the UK.
This project will have a capacity of 1400MW.
The transaction represents the first Eksfin guaranteed financing 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 loan has a drawdown period of 24 months.
Eksfin is the public Norwegian Export Agency with a triple A rating.
The total amount of Iberdrola’s loans under guaranteed by an Export Credit Agency (ECA) stands at €2bn.