The European Investment Bank (EIB) has signed an EUR 500 million green loan to Iberdrola for the Windanker offshore wind farm, a flagship clean energy project currently under construction in the German Baltic Sea. The financing is guaranteed by the Spanish export credit agency, Cesce.

This transaction with Iberdrola marks the inaugural use of a guarantee developed by the EIB and Cesce to support green projects led by Spanish companies outside Spain, contributing to the European Union's climate action and environmental sustainability objectives. The Windanker project will contribute 315 MW of offshore wind capacity, enough to supply renewable electricity to 600,000 people every year, according to Iberdrola estimates.

Project Technology and Construction

Windanker sets new standards for offshore wind technology, deploying 21 Siemens Gamesa SG 14-236 DD turbines, each up to 15 MW, among the most advanced and powerful offshore wind turbines globally. These turbines feature a groundbreaking 236-meter rotor and direct-drive technology, increasing reliability and operational performance and enabling over 30% more annual energy production than previous models.

The foundations, up to 84 meters long and weighing up to 2,100 tons, are being installed by Van Oord's Svanen vessel. Construction started earlier this month with the installation of the first monopile. Turbine installation will follow in 2026, with full commissioning expected in the fourth quarter.

Economic Impact and Employment

Located in Mecklenburg-Vorpommern, an EU Transition Region, the project will deliver a major economic contribution to the region, generating around 2,200 person-years of employment during construction and sustaining up to 160 skilled permanent jobs through ongoing operations. The majority of new roles will emphasize technical “green skills,” fostering long-term local expertise and workforce development while reinforcing industrial cooperation between Germany and Spain.

Windanker is Iberdrola's third major offshore wind development in the German Baltic Sea and marks a significant step forward for the company's Baltic Hub strategy. The EUR 500 million financing to Iberdrola is backed by a guarantee from the Spanish export credit agency Cesce, ensuring robust security for stakeholders.

Strategic and Environmental Goals

The project is part of TechEU, the EIB Group's programme to accelerate EU innovation, which aims to mobilize EUR 250 billion in investments by 2027 for startups, scale-ups, and innovative companies across Europe. Specifically, the project will contribute to the cleantech line of action of TechEU.

As a major contributor to Europe's REPowerEU initiative and Germany's National Energy and Climate Plan, the Windanker project will help accelerate the country's energy transition, reduce carbon emissions by an estimated 672,000 tons of CO2 annually, and support the national target to achieve an 80% renewable share in electricity by 2030. The majority of the renewable electricity generated will be traded through long-term power purchase agreements (PPAs) on the German market.

By increasing the share of clean energy in Germany's grid, the project directly supports European and national goals to reduce carbon emissions, cut reliance on fossil fuels, and meet ambitious climate targets. The project is a strong contributor to EIB Group's climate action objectives set out in the Group's Strategic Roadmap for 2024-2027 and the Climate Bank Roadmap Phase 2 for 2026-2030 as well as the EIB action plan to support REPowerEU, the programme to increase energy security and speed up the energy transition by reducing the European Union's dependence on fossil fuel imports.

“EIB's EUR 500 million 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,” said EIB Director General of Financing and Advisory Operations within the European Union Jean-Christophe Laloux.

José Sainz Armada, Iberdrola's Chief Finance, Control and Corporate Development Officer, said: “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.”

Beatriz Reguero, area director for State Accounts at Cesce, said: “Cesce is proud to support Spain's leading companies as they drive the energy transition across Europe. The Windanker offshore wind farm demonstrates how long-term partnerships with public institutions like the European Investment Bank and Cesce can expand the capacity to support and back projects by Spanish companies that promote innovation and sustainable investment in projects that benefit local communities, strengthen economic growth, and promote renewable energy for the future.”

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