The European Investment Bank (EIB) has signed a €500 million ($574 million) green loan with Iberdrola to finance the Windanker offshore wind farm, a 315 MW project currently under construction in the German Baltic Sea. The financing, guaranteed by Spain’s export credit agency Cesce, marks the first use of a joint EIB–Cesce guarantee scheme designed to support green projects led by Spanish companies outside Spain.
The Windanker project will provide renewable electricity for about 600,000 people each year and is expected to play a central role in advancing Germany’s clean energy transition, while also contributing to the EU’s REPowerEU plan to reduce fossil fuel dependence.
According to the EIB, the financing will strengthen Europe’s energy security and accelerate the deployment of advanced offshore wind technology. “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,” said Jean-Christophe Laloux, EIB Director General of Financing and Advisory Operations within the EU.
The project involves the installation of 21 Siemens Gamesa SG 14-236 DD turbines, each capable of producing up to 15 MW. Construction began earlier this month, with Van Oord’s Svanen vessel carrying out foundation installation. Turbine installation is scheduled for 2026, with full commissioning expected later that year.
Located in Mecklenburg-Vorpommern, an EU transition region, Windanker is forecast to generate 2,200 person-years of employment during construction and sustain around 160 permanent skilled jobs once operational. Iberdrola said the project would reinforce industrial cooperation between Germany and Spain while expanding local expertise in renewable technologies.
“This loan not only strengthens Iberdrola’s financial structure and diversifies its funding sources, but also reflects the confidence of institutions such as the EIB and Cesce in our ability to deliver,” said José Sainz Armada, Iberdrola’s Chief Finance, Control and Corporate Development Officer.
The project forms part of TechEU, the EIB Group’s programme aimed at mobilising €250 billion in innovation-related investments by 2027. It aligns with the EIB’s Climate Bank Roadmap and contributes to Europe’s REPowerEU initiative. Once operational, Windanker is expected to reduce annual carbon emissions by around 672,000 tonnes of CO₂, helping Germany reach its goal of 80% renewable electricity by 2030.
