The European Investment Bank has signed a €500 million green loan with Iberdrola for the 315MW Windanker offshore wind farm in the German Baltic Sea, according to the EIB.
The financing is guaranteed by Spanish export credit agency Cesce and marks the first use of a guarantee jointly developed by the EIB and Cesce to support green projects outside Spain.
Iberdrola said the scheme will supply renewable electricity to around 600,000 people per year.
EIB director general for financing and advisory operations within the European Union Jean-Christophe Laloux said the support “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”.
Iberdrola chief finance, control and corporate development officer José Sainz Armada said: “This backing allows us to continue promoting projects such as Windanker, which is key to electrification, in line with our new transformation plan.”
Cesce area director for state accounts Beatriz Reguero said the wind farm “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 project will deploy 21 Siemens Gamesa SG 14-236 DD turbines and is scheduled for full commissioning in the fourth quarter of 2026.
Foundations are being installed following the start of construction earlier this month, with Van Oord’s Svanen vessel driving the first monopile.
Around 2,200 person-years of employment will be generated during construction and up to 160 permanent jobs supported in Mecklenburg-Vorpommern, according to the EIB.