Reading Time: 2 minutes
The European Investment Bank (EIB) has signed a €500 million green loan agreement with Iberdrola to finance the Windanker offshore wind farm, a flagship renewable energy project under construction in the German Baltic Sea.
The financing is backed by a guarantee from the Spanish export credit agency Cesce. This transaction marks the first use of a new guarantee mechanism jointly developed by the EIB and Cesce to support green projects led by Spanish companies outside Spain. The initiative advances the European Union’s goals for climate action. Located in Mecklenburg-Vorpommern, an EU Transition Region, the Windanker project will make a significant economic contribution to the area. Construction activities are expected to generate approximately 2,200 person-years of employment, while ongoing operations will support up to 160 skilled permanent jobs.
Windanker represents Iberdrola’s third large-scale offshore wind development in the German Baltic Sea and a key milestone in advancing the company’s Baltic Hub strategy.
The €500 million financing is supported by a guarantee from the Spanish export credit agency Cesce, providing strong credit security for the transaction and enhancing investor confidence in the project’s long-term sustainability.
“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,” said EIB Director General of Financing and Advisory Operations within the European Union Jean-Christophe Laloux.
“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.
