The European Investment Bank (EIB) said it has signed a €500 million green loan to Iberdrola for the Windanker offshore wind farm, a flagship clean energy project under construction in the German Baltic Sea.
The financing is guaranteed by the Spanish export credit agency, Cesce.
The 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, contributing to the European Union’s climate action and environmental sustainability objectives.
“The new project will generate clean energy for thousands of homes, accelerate Europe’s electrification and energy security, driving new employment, economic opportunity, and state-of-the-art renewable energy innovation,” said the EIB.
“Windanker will contribute 315 MW of offshore wind capacity—enough to supply renewable electricity to 600,000 people every year according to Iberdrola estimates.”
EIB Director General of Financing and Advisory Operations within the European Union, Jean-Christophe Laloux, said: “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.”
José Sainz Armada, Iberdrola’s Chief Finance, Control and Corporate Development Officer, said: “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.”
Beatriz Reguero, area director for State Accounts at Cesce, said: “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 European Investment Bank and Cesce can expand the capacity to support and back projects by Spanish companies that promote innovation and sustainable investment in projects that benefit local communities, strengthen economic growth and promote renewable energy for the future.”