The European Investment Bank (EIB) has signed a €500 million ($530 million) loan with Iberdrola for the Windanker offshore wind farm, a 315 MW project currently under construction in the German Baltic Sea.
The financing is guaranteed by the Spanish export credit agency, Cesce. The transaction marks the first use of a joint guarantee developed by the EIB and Cesce to support "green projects" led by Spanish companies outside of Spain.
The Windanker project will utilise 21 Siemens Gamesa 15 MW-class turbines. Construction started earlier this month with the installation of the first monopile foundations by Van Oord’s vessel Svanen.
Turbine installation is scheduled for 2026, with the wind farm expected to be fully commissioned in the fourth quarter of 2026. According to Iberdrola's estimates, the project will supply renewable electricity to approximately 600,000 people annually.
José Sainz Armada, Iberdrola's Chief Finance, Control and Corporate Development Officer, stated, "With this loan, Iberdrola not only strengthens its financial structure and diversifies its sources of financing but also consolidates the confidence of leading institutions such as the EIB and Cesce in our ability to deliver."
Jean-Christophe Laloux, EIB Director General of Financing and Advisory Operations within the European Union, said the financing, "helps bring wind power technology to the Baltic Sea for the benefit of German consumers". The majority of the electricity generated will be traded through long-term power purchase agreements on the German market.
