The European Investment Bank (EIB) has signed a €500 million green loan with Iberdrola for the development of the Windanker offshore wind farm, currently under construction in the German Baltic Sea. The financing is guaranteed by Spain’s export credit agency, Cesce, marking the first use of a guarantee jointly developed by the EIB and Cesce to support green projects led by Spanish companies outside Spain. The initiative contributes to the European Union's climate action and environmental sustainability objectives.

The Windanker facility will deliver an installed offshore wind capacity of 315 MW, enough to supply renewable electricity to around 600,000 people per year, according to Iberdrola’s estimates. The project will help accelerate Europe’s electrification, energy security, and economic growth while driving innovation and creating skilled green jobs.

According to EDP, the operation aligns with the EIB Group’s TechEU initiative to accelerate innovation across the European Union, particularly in clean technology. It also supports broader European climate goals, including the REPowerEU plan, which aims to reduce dependence on fossil fuel imports and strengthen energy security.

Jean-Christophe Laloux, Director General for Financing and Advisory Operations within the EU at the EIB, said the project represents a milestone for European 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.”

José Sainz Armada, Iberdrola's Chief Finance, Control and Corporate Development Officer, highlighted that the loan strengthens Iberdrola’s financial structure and diversifies its funding sources: “This agreement 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 are key to electrification and aligned with our transformation plan.”

Beatriz Reguero, Area Director for State Accounts at Cesce, emphasized the importance of supporting Spain’s leading companies in their European green ventures: “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 projects that promote innovation, economic growth, and sustainable investment.”

Windanker sets new standards for offshore wind technology, deploying 21 Siemens Gamesa SG 14-236 DD turbines, each with a capacity of up to 15 MW. Featuring 236-meter rotors and direct-drive technology, these turbines are among the most advanced globally, capable of producing over 30% more annual energy than previous models. The foundations—up to 84 meters long and weighing up to 2,100 tons—are being installed by Van Oord’s vessel Svanen. Construction began earlier this month with the first monopile installation, while turbine installation is expected in 2026, with full commissioning planned for the fourth quarter of that year.

Located in Mecklenburg-Vorpommern, an EU Transition Region, the project will make a significant contribution to the local economy, generating around 2,200 person-years of employment during construction and creating up to 160 permanent skilled jobs once operational. Most of these roles will focus on green technical skills, fostering workforce development and strengthening industrial cooperation between Germany and Spain.

The Windanker project will also contribute to Germany’s National Energy and Climate Plan, helping to achieve the national target of 80% renewable electricity by 2030 and reducing carbon emissions by an estimated 672,000 tons of CO? per year. The majority of the clean electricity generated will be sold through long-term power purchase agreements (PPAs) on the German market.

This €500 million green loan is part of Iberdrola’s Baltic Hub strategy and its third major offshore wind development in the German Baltic Sea. The Cesce guarantee ensures strong financial security for stakeholders and represents a new framework for supporting Spanish companies developing clean energy projects abroad.

By increasing the share of renewable energy in Germany’s grid, Windanker directly supports European and national objectives to cut carbon emissions, enhance energy security, and promote innovation. The project also contributes to the EIB Group’s TechEU program, which aims to mobilize €250 billion in investments by 2027 for innovative companies across Europe, particularly in cleantech.