The European Investment Bank (EIB) has approved a €500 million ($576.75 million) green loan to support Iberdrola’s Windanker offshore wind farm, a renewable energy project under construction in the German Baltic Sea.
The financing is backed by a guarantee from the Spanish export credit agency Cesce, marking the first use of a joint EIB–Cesce guarantee to promote green projects led by Spanish companies outside Spain.
Windanker, Iberdrola’s third large-scale offshore wind development in the region, will add 315 megawatts of capacity, enough to power around 600,000 homes annually.
The facility will use 21 Siemens Gamesa SG 14-236 DD turbines, each capable of generating up to 15 megawatts. These turbines incorporate direct drive technology, offering improved reliability and enabling over 30% more energy output than earlier models.
Construction began earlier this month with the installation of the first monopile foundation, while turbine installation is planned for 2026.
Full commissioning is expected by the fourth quarter of 2026. Most of the electricity generated will be sold through long-term power purchase agreements in the German market.
EIB director general Jean-Christophe Laloux said the financing brings advanced wind power technology to the Baltic Sea, benefiting both German consumers and local economies, while reducing Europe’s dependence on fossil fuels.
The project is part of the EIB Group’s TechEU program, which aims to mobilize €250 billion in investments by 2027 to accelerate innovation and support the green transition.
Windanker is projected to cut carbon emissions by 672,000 tons per year and contribute to Germany’s target of achieving 80% renewable electricity by 2030.
Iberdrola’s chief finance, control, and corporate development officer, José Sainz Armada, said the EIB and Cesce’s backing reinforces confidence in Iberdrola’s ability to deliver major renewable projects and strengthens its financial structure.
He added that the loan will enable the company to continue advancing its electrification strategy in line with its broader transformation plan.
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