BAKU, Azerbaijan, November 4. The European Investment Bank (EIB) has signed a 500 million euro green loan with Iberdrola to support the construction of the Windanker offshore wind farm in the German Baltic Sea, Trend reports.
The financing, guaranteed by the Spanish export credit agency Cesce, is the first use of a new EIB-Cesce guarantee designed to back green projects by Spanish companies abroad.
Windanker will add 315 MW of offshore wind capacity, enough to supply renewable electricity to approximately 600,000 households annually. The project will deploy 21 Siemens Gamesa SG 14-236 DD turbines, among the most advanced offshore turbines globally, with 236-meter rotors and direct drive technology, enabling over 30% higher annual energy production than previous models.
Construction has begun with the installation of the first monopile, while turbine installation is scheduled for 2026, with full commissioning expected in Q4 2026. Located in Mecklenburg-Vorpommern, the project will generate around 2,200 person-years of employment during construction and sustain up to 160 permanent green jobs.
The financing aligns with EIB and EU climate objectives, contributing to the REPowerEU initiative, Germany’s National Energy and Climate Plan, and the EIB Group’s TechEU program. Windanker is expected to reduce CO₂ emissions by 672,000 tons annually and support Germany’s goal of achieving 80% renewable electricity by 2030.
“This financing helps bring cutting-edge wind technology to the Baltic Sea while strengthening energy security and supporting local economies,” said Jean-Christophe Laloux, EIB Director General of Financing and Advisory Operations within the EU. Iberdrola noted that the loan strengthens its financial structure and underlines institutional confidence in its ability to deliver high-value renewable projects.
The project will be a major step in Iberdrola’s Baltic Hub strategy and highlights ongoing EU efforts to expand clean energy, foster technical green skills, and drive sustainable economic growth in transition regions.