EIB Grants €500M Green Loan to Iberdrola for Baltic Offshore Wind Project

The EIB’s loan to Iberdrola forms part of the EU’s broader strategy to strengthen energy independence, reduce carbon emissions, and accelerate the deployment of renewables.

The European Investment Bank (EIB) has signed a landmark €500 million green loan with Spanish energy giant Iberdrola to finance the Windanker offshore wind farm, one of Europe’s most advanced renewable energy projects under construction in the German Baltic Sea. The investment, guaranteed by Spain’s export credit agency Cesce, marks the first-ever use of a joint EIB–Cesce green finance guarantee—a new mechanism designed to back sustainable projects led by Spanish firms abroad.

A Milestone for European Green Finance

The EIB’s loan to Iberdrola forms part of the EU’s broader strategy to strengthen energy independence, reduce carbon emissions, and accelerate the deployment of renewables. The €500 million financing, supported by Cesce’s export guarantee, will help Iberdrola deliver 315 megawatts (MW) of clean offshore wind power—enough to supply electricity to 600,000 people annually.

This innovative partnership underlines the growing importance of public-private collaboration in achieving Europe’s energy and climate goals. It also sets a precedent for how export credit agencies can contribute to the financing of EU-based sustainable projects beyond their home countries, expanding opportunities for green innovation and cross-border cooperation.

Driving Clean Energy and Energy Security

The Windanker project is a crucial component of Germany’s and Europe’s efforts to diversify their energy mix. Once operational in late 2026, it will help reduce CO₂ emissions by 672,000 tons annually while supporting the REPowerEU initiative, which seeks to cut the European Union’s dependency on imported fossil fuels.

EIB Director General Jean-Christophe Laloux emphasized the project’s dual benefits for innovation and energy security:

“EIB’s €500 million financing for Windanker helps bring cutting-edge wind power technology to the Baltic Sea for the benefit of German consumers and local economies. The green electricity generated by the project will also take us closer towards securing Europe’s independence from fossil fuel imports.”

Iberdrola’s Leadership in Offshore Wind Innovation

Iberdrola, a global pioneer in renewable energy, views Windanker as a flagship for its Baltic Hub strategy, following the successful completion of its Wikinger and Baltic Eagle wind farms. With Windanker, the company consolidates its position as one of Europe’s leading developers of offshore wind capacity.

According to José Sainz Armada, Iberdrola’s Chief Finance, Control, and Corporate Development Officer:

“This loan strengthens our financial structure and confirms the trust of institutions like the EIB and Cesce. It allows us to continue promoting key projects such as Windanker, which are vital for electrification and for achieving the European Green Deal objectives.”

Cutting-Edge Technology: Siemens Gamesa Turbines

Windanker will feature 21 Siemens Gamesa SG 14-236 DD offshore turbines, each capable of producing up to 15 MW—among the most powerful turbines in the world. With rotor diameters of 236 meters and direct-drive technology, these machines will generate over 30% more annual energy than previous models.

The massive turbine foundations—each up to 84 meters long and 2,100 tons in weight—are being installed using Van Oord’s Svanen vessel, one of the world’s largest installation ships. Construction began this month with the installation of the first monopile, while turbine installation is set for 2026, followed by full commissioning in the fourth quarter of 2026.

Economic Growth and Green Employment

Located in Mecklenburg-Vorpommern, a European Union transition region, the project will make a strong socio-economic impact. It is expected to create around 2,200 person-years of employment during construction and 160 permanent green jobs once operational.

The new roles will focus on technical and renewable energy skills, fostering local expertise and long-term employment. The project also reinforces industrial cooperation between Spain and Germany, highlighting how cross-border European collaboration can fuel sustainable growth.

Part of the EIB’s TechEU Programme

Windanker contributes to the TechEU programme, the EIB Group’s initiative to mobilize €250 billion in innovation investments by 2027. Within this framework, the project falls under the cleantech line of action, promoting next-generation renewable technologies that drive Europe’s transition to a low-carbon economy.

Financing Structure and Strategic Vision

The financing is structured to ensure strong credit protection through Cesce’s guarantee, which provides confidence to stakeholders and underpins the EIB’s commitment to mobilizing private capital for sustainable ventures. The project’s structure aligns with the EIB Group’s Climate Bank Roadmap 2026–2030, supporting strategic priorities in clean energy and technological innovation.

Cesce representative Beatriz Reguero emphasized the significance of the partnership:

“Cesce is proud to support Spain’s leading companies as they drive the energy transition across Europe. The Windanker offshore wind farm demonstrates how long-term partnerships with public institutions like the EIB and Cesce can expand the capacity to back innovative projects that benefit local communities and promote sustainable growth.”

A Step Toward Europe’s Renewable Future

By delivering large-scale renewable power, advancing green technology, and generating employment in a cohesion region, Windanker stands as a model for Europe’s clean energy transformation. The project reinforces the EU’s shared vision of a carbon-neutral, energy-secure, and innovation-driven future, underpinned by cooperation between public institutions and the private sector.