The European Investment Bank (EIB) has finalized a €500 million green loan to Iberdrola to fund the Windanker offshore wind farm, a major renewable energy initiative currently under construction in the German Baltic Sea. The financing is backed by a guarantee from the Spanish export credit agency, Cesce. It is the first time the EIB and Cesce have used a guarantee aimed specifically at supporting green projects by Spanish companies outside Spain, helping advance the European Union’s climate and sustainability goals.
The Windanker project is set to provide clean electricity for thousands of homes, strengthen Europe’s energy security, and create new jobs while promoting innovation in renewable energy technologies. Iberdrola anticipates that the wind farm will contribute 315 MW of offshore wind capacity, sufficient to supply around 600,000 people annually with renewable energy.
“EIB’s €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 Jean-Christophe Laloux, EIB Director General of Financing and Advisory Operations within the European Union.
José Sainz Armada, Iberdrola’s Chief Finance, Control and Corporate Development Officer, highlighted the significance of the loan: “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, added, “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.”
Windanker will feature 21 Siemens Gamesa SG 14-236 DD turbines, each capable of 15 MW output, equipped with 236-meter rotors and direct drive technology. These turbines are among the most powerful offshore wind units worldwide, offering over 30% more annual energy production than previous models. Construction began with the installation of the first monopile, using Van Oord’s Svanen vessel to set foundations up to 84 meters long and weighing 2,100 tons. Turbine installation is planned for 2026, with full commissioning set for the fourth quarter of the year.
Windanker, in Mecklenburg-Vorpommern, an EU Transition Region, is expected to generate about 2,200 person-years of employment during construction and support up to 160 permanent skilled jobs once it is up and running. Most of these positions will emphasize technical “green skills,” helping to build local expertise and strengthen industrial cooperation between Germany and Spain.
As Iberdrola’s third offshore wind development in the German Baltic Sea, Windanker is part of the company’s Baltic Hub strategy. Backed by Cesce, the €500 million financing ensures strong security for all stakeholders. The project will support Germany’s National Energy and Climate Plan by cutting an estimated 672,000 tons of CO2 each year and helping reach the target of 80% renewable electricity by 2030. Most of the electricity generated will be sold on the German market through long-term power purchase agreements (PPAs), contributing to Europe’s energy transition under the REPowerEU initiative.