The EIB and Iberdrola sign a €500M green loan to boost the Windanker Wind Farm in the Baltic

 

The European Investment Bank (EIB) has formalized a green loan of 500 million euros with the Spanish energy company Iberdrola for the development of the Windanker offshore wind farm, a clean energy project of 315 MW located in German waters of the Baltic Sea.

 

The loan is distinguished by having the Cesce guaranteeThe Spanish export credit agency, Cesce, has launched the first application of a guarantee mechanism developed jointly by the EIB and Cesce to support green projects by Spanish companies operating outside of Spain. This collaboration underscores both institutions' commitment to the European Union's climate action goals.

 

Windanker: Cutting-Edge Technology and Energy Security

 

With an installed capacity of 315 MW, Windanker is estimated to be able to supply renewable electricity to approximately 600.000 people a yearThe project will not only contribute to the electrification of Germany, but will also boost employment and innovation in the renewable energy sector.

 

Jean-Christophe LalouxThe EIB's Director General of EU Lending and Advisory Operations highlighted the strategic importance of the project: "The green electricity generated by the project also brings us closer to to guarantee Europe's independence from fossil fuel imports«.

 

For its part, José Sainz ArmadaIberdrola's Chief Financial Officer (CFO) stated that the support from the EIB and Cesce "consolidates confidence in our execution capacity" and allows the company to continue "promoting projects like Windanker, key to electrification."

 

Beatrice Reguero, Director of State Account Area at Cesce, highlighted the role of public partnerships in supporting the energy transition.

 

Progress in Construction and Job Creation

 

Windanker is part of the EIB Group's TechEU program, designed to accelerate innovation in the EU. The project will use 21 wind turbines. Siemens Gamesa SG 14-236 DD, some of the most advanced in the world, with 236-meter rotors and direct drive technology.

 

The installation of the foundation monopiles has already begun, carried out by the company Van Oord. The wind turbines are expected to be installed in 2026. The park will be operational by the end of 2026..

 

The project will have a significant economic impact on the Mecklenburg-Western Pomerania region, an EU transition region, generating around 2.200 jobs per year during the construction phase and 160 permanent skilled jobs during operation.

 

Contribution to Climate Goals

 

Windanker is Iberdrola's third offshore wind farm in the German Baltic Sea and contributes directly to European and national climate action goals, including the REPowerEU initiative. The project is expected to reduce carbon emissions by approximately 672.000 tons of CO2​ activities, supporting Germany's goal of achieving an 80% renewable energy share by 2030. Much of the energy generated will be traded through long-term Power Purchase Agreements (PPAs) on the German market.

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