The European Investment Bank (EIB) has agreed to provide a €500m ($576.75m) green loan to support Iberdrola’s Windanker offshore wind farm, a renewable energy project currently being built in the German Baltic Sea.
The financing is backed by a guarantee from the Spanish export credit agency Cesce.
This initiative marks the first use of a guarantee developed by the EIB and Cesce to support green projects led by Spanish companies outside of Spain, aligning with EU climate action and sustainability goals.
Windanker is Iberdrola’s third large-scale offshore wind project in the German Baltic Sea and serves as a key element of the company’s Baltic Hub strategy.
Iberdrola said Windanker will add 315MW of offshore wind capacity, providing renewable electricity to approximately 600,000 people annually.
The project features advanced offshore wind technology, using 21 Siemens Gamesa SG 14-236 DD turbines, each capable of generating up to 15MW.
These turbines are equipped with direct drive technology, offering enhanced reliability and operational performance, and enabling over 30% greater annual energy production compared to previous models.
Innovative engineering and construction techniques are being used to maximise efficiency, safety, and sustainability.
Construction commenced earlier this month with the installation of the first monopile while turbine installation is scheduled for 2026. Full commissioning of the project is expected in the fourth quarter (Q4) of 2026.
The majority of the renewable electricity generated by Windanker will be sold through long-term power purchase agreements on the German market.
EIB director general of financing and advisory operations within the EU Jean-Christophe Laloux stated: “EIB’s €500m financing for Windanker helps bring cutting-edge wind power technology to the Baltic Sea for the benefit of German consumers and local economies. The green electricity generated by the project will also take us closer towards securing Europe’s independence from fossil-fuel imports.”
The project forms part of TechEU, the EIB Group’s programme to accelerate innovation, which aims to mobilise €250bn in investments by 2027 for startups, scale-ups, and innovative companies across Europe.
The project is expected to reduce emissions by an estimated 672,000 tons of carbon dioxide annually and support the national goal of achieving an 80% renewable share in electricity by 2030.
Iberdrola chief finance, control and corporate development officer José Sainz Armada commented: “With this loan, Iberdrola not only strengthens its financial structure and diversifies its sources of financing but also consolidates the confidence of leading institutions such as the EIB and Cesce in our ability to deliver.
"This backing allows us to continue promoting projects such as Windanker, which is key to electrification, in line with our new transformation plan.”
