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The European Investment Bank (EIB) has signed a EUR 500 million green loan with Iberdrola for the 315 MW Windanker offshore wind farm in Germany.
The financing is guaranteed by the Spanish export credit agency, Cesce. This transaction with Iberdrola marks the inaugural use of a guarantee developed by the EIB and Cesce to support green projects led by Spanish companies outside Spain.
“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. This backing allows us to continue promoting projects such as Windanker, which is key to electrification, in line with our new transformation plan,” said José Sainz Armada , Iberdrola’s Chief Finance, Control and Corporate Development Officer.
The project is part of TechEU, the EIB Group’s programme to accelerate EU innovation, which aims to mobilise EUR 250 billion in investments by 2027 for startups, scale-ups, and innovative companies across Europe.
Approximately 2,200 person-years of employment will be generated during construction, and up to 160 permanent jobs will be sustained by ongoing operations, according to EIB.
Windanker is Iberdrola’s third major offshore wind development in the German Baltic Sea. The project will feature 21 Siemens Gamesa 14-236 DD turbines , each up to 15 MW in capacity.
Offshore construction already started with the installation of the first monopile in October 2025. The monopiles are being installed by Van Oord using its heavy-lift installation vessel Svanen at the offshore construction site located 38 kilometres northeast of Rügen in the German exclusive economic zone (EEZ) of the Baltic Sea.
The 315 MW offshore wind farm is scheduled to be operational in 2026.
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