The European Investment Bank (EIB) has signed a €500 million green loan with Iberdrola for the development of the Windanker offshore wind farm in the German Baltic Sea. The project will have an offshore wind capacity of 315 MW. Construction began with the installation of the first monopile earlier in November 2025, with turbine installation scheduled for 2026, and full commissioning expected by the fourth quarter of 2026.
The financing is backed by a guarantee from Spanish export credit agency Cesce. The project will deploy 21 Siemens Gamesa SG 14-236 DD turbines, each with up to 15 MW capacity and 236 metre rotors. Additionally, the project is expected to offset around 672,000 tonnes of carbon emissions annually. The majority of the generated electricity will be supplied through long-term power purchase agreements in the German market.
The project is aligned with the European Union’s climate action goals and contributes to the REPowerEU initiative, aimed at reducing dependence on fossil fuel imports. Furthermore, it forms part of the EIB Group’s TechEU initiative, which aims to mobilise €250 billion in investments for startups, scale-ups and innovation-driven companies by 2027. It also supports Germany’s National Energy and Climate Plan by contributing to the national target of achieving an 80 per cent renewable share in electricity generation by 2030.
