Iberdrola closes a green loan with the EIB for 500 million euros for its Windanker offshore wind farm

The European Investment Bank (EIB) has granted a green loan of 500 million euros to Iberdrola for offshore wind farm Windankera flagship clean energy project currently under construction in German waters of the Baltic Sea. According to Iberdrola, the loan has the guarantee from the Spanish export credit agency, Cesce.

In fact, this operation with Iberdrola represents the first use of a guarantee developed jointly by the EIB and Cesce to support green projects led by Spanish companies outside Spain, contributing to the climate action and environmental sustainability objectives of the European Union.

With an installed capacity of 315 megawatts (MW), Windanker will be able to supply renewable electricity to around 600,000 people per year, according to Iberdrola estimates. “With this loan, Iberdrola not only strengthens its financial structure and the diversification of financing sources, but also consolidates the confidence of reference institutions such as the EIB and Cesce in its execution capacity,” the company said.

The project is part of TechEU, the EIB Group’s program aimed at accelerating innovation in the EU and which aims to mobilize, by 2027, 250 billion euros in investments for emerging companies, expanding companies and innovative companies from all over Europe. Specifically, the project will contribute to TechEU’s clean technologies line of action.

Windanker will have 21 Siemens Gamesa SG 14-236 DD wind turbinesone of the most advanced and powerful in the world (each with a capacity of up to 15 MW).

Each wind turbine is equipped with a revolutionary 236 meter rotor and direct drive technology, which increases reliability and operational performance, and also allows annual production to be increased by more than 30% compared to previous models.

The installation of the foundations, up to 84 meters long and weighing 2,100 tons, is carried out by the Van Oord company, through its heavy cargo ship Svanen. Work began earlier this month, with the installation of the first monopile. The installation of the wind turbines will take place in 2026, and the entry into operation of the offshore wind farm is scheduled for the last quarter of 2026.