Iberdrola has secured a €500m green loan from Citi, partly guaranteed by the Norwegian Export Credit Agency Eksfin, to finance the East Anglia Three offshore wind farm in the UK. The loan has a drawdown period of 24 months and an average life of nine years, and is part of Iberdrola’s strategy to strengthen its financing sources. The company aims to use the funds to construct and develop the wind farm, which will have a capacity of 1,400 MW, enough to power 1.3 million homes. Iberdrola’s loans under ECA guarantees now total €2bn. The loan contributes to Iberdrola’s goal of diversifying financing sources and consolidating its leadership in sustainable financing.