The European Investment Bank (EIB) has signed a €500 million green loan with Spanish energy company Iberdrola to finance the 315-megawatt Windanker offshore wind farm in the German Baltic Sea, the bank said on Tuesday.
The loan is guaranteed by Spain’s export credit agency Cesce and represents the first application of a jointly developed guarantee scheme between the EIB and Cesce to support green investments beyond Spain’s borders.
According to Iberdrola, the Windanker project will generate renewable electricity sufficient to power around 600,000 people annually.
Jean-Christophe Laloux, EIB director general for financing and advisory operations within the European Union, said the financing “helps bring cutting-edge wind power technology to the Baltic Sea for the benefit of German consumers and local economies.” He added that the project “will also take us closer towards securing Europe’s independence from fossil fuel imports.”
José Sainz Armada, Iberdrola’s chief finance, control and corporate development officer, said: “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, Cesce’s area director for state accounts, said the initiative “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.”
The Windanker project will feature 21 Siemens Gamesa SG 14-236 DD turbines and is expected to be fully commissioned by the fourth quarter of 2026.
Construction began earlier this month, with foundations being installed by Van Oord’s vessel Svanen, which recently drove the first monopile.
The EIB said the project is expected to generate approximately 2,200 person-years of employment during construction and support up to 160 permanent jobs in the German state of Mecklenburg-Vorpommern once operational.
