EIB and Iberdrola sign $574.6 M green loan for Windanker project
The EIB has signed a €500 million ($574.6 million) green loan with Iberdrola to finance the construction of the Windanker offshore wind farm in the German Baltic Sea.
Image for illustrative purposes
Spain, Madrid/Germany: The European Investment Bank (EIB) has signed a €500 million ($574.6 million) green loan with Iberdrola to finance the construction of the Windanker offshore wind farm in the German Baltic Sea. The project, which will add 315 MW of new renewable capacity, is expected to supply clean electricity to around 600,000 people annually.
The financing is guaranteed by Spain’s export credit agency Cesce and marks the first use of a new guarantee framework developed jointly by the EIB and Cesce to support green projects led by Spanish companies outside Spain. The investment aligns with the European Union’s climate action goals and contributes to the EIB’s Strategic Roadmap and the REPowerEU initiative.
Windanker will deploy 21 Siemens Gamesa SG 14-236 DD turbines, each capable of producing up to 15 MW. Construction began earlier this month, with the first monopile foundation installed by Van Oord’s vessel Svanen. Turbine installation is planned for 2026, and full commissioning is scheduled for the fourth quarter of that year. Iberdrola estimates the project will prevent 672,000 tons of CO₂ emissions annually.
Located in Mecklenburg-Vorpommern, an EU Transition Region, the project is expected to generate around 2200 person-years of employment during construction and create up to 160 permanent jobs. Most positions will require technical expertise in renewable energy, contributing to local skills development and economic growth.
Windanker is Iberdrola’s third major offshore project in the German Baltic Sea, following Wikinger and Baltic Eagle, and is a key part of the company’s Baltic Hub strategy to strengthen renewable generation across northern Europe.
Source: Iberdrola
#EIB#Iberdrola#loan#offshore wind#Renewables#wind farm#Windanker#Windanker offshore wind farm