EIB and Iberdrola Secure €500M Loan for German Offshore Wind Farm

Project Overview

The European Investment Bank (EIB) has granted a €500 million green loan to Iberdrola for the Windanker offshore wind farm in the German Baltic Sea. This project is supported by a guarantee from Cesce, the Spanish export credit agency, marking the first use of this guarantee for Spanish-led green projects outside Spain.

Energy and Employment Impact

Windanker will contribute 315 MW of offshore wind capacity, providing renewable electricity to approximately 600,000 people annually. The project is expected to create around 2,200 person-years of employment during construction and sustain up to 160 skilled permanent jobs in the region.

Technological Advancements

The wind farm will deploy 21 Siemens Gamesa SG 14-236 DD turbines, each capable of up to 15 MW, featuring a 236-meter rotor and direct drive technology. These advancements aim to increase reliability and operational performance, enhancing annual energy production by over 30% compared to previous models.

Timeline and Strategic Goals

Construction began with the installation of the first monopile, and turbine installation is scheduled for 2026, with full commissioning expected in the fourth quarter of 2026. The project aligns with the EIB Group’s TechEU initiative and supports the REPowerEU plan, contributing to the EU's climate action goals and reducing dependence on fossil fuel imports.

Environmental and Economic Contributions

By increasing the share of clean energy in Germany’s grid, Windanker supports European and national goals to reduce carbon emissions and meet climate targets. The project is a significant step in Germany's National Energy and Climate Plan, aiming for an 80% renewable electricity share by 2030.