EIB agrees €500m green loan for Iberdrola’s Windanker project

Core Insights - The European Investment Bank (EIB) has provided a €500 million ($576.75 million) green loan to support Iberdrola's Windanker offshore wind farm in the German Baltic Sea, marking a significant step in financing green projects led by Spanish companies outside Spain [1][5] Group 1: Project Overview - Windanker is Iberdrola's third large-scale offshore wind project in the German Baltic Sea, contributing 315MW of offshore wind capacity and supplying renewable electricity to approximately 600,000 people annually [2] - The project utilizes 21 Siemens Gamesa SG 14-236 DD turbines, each capable of generating up to 15MW, featuring advanced direct drive technology for enhanced reliability and over 30% greater annual energy production compared to previous models [2][3] Group 2: Construction and Timeline - Construction began with the installation of the first monopile, while turbine installation is scheduled for 2026, with full commissioning expected in Q4 2026 [4] - The majority of the renewable electricity generated will be sold through long-term power purchase agreements in the German market [4] Group 3: Environmental Impact - The project is anticipated to reduce carbon dioxide emissions by an estimated 672,000 tons annually, supporting Germany's goal of achieving an 80% renewable share in electricity by 2030 [6] Group 4: Strategic Importance - The financing aligns with EU climate action and sustainability goals, contributing to Europe's independence from fossil-fuel imports [5] - The project is part of the EIB Group's TechEU program, which aims to mobilize €250 billion in investments by 2027 for innovative companies across Europe [5]