The European Investment Bank (EIB) has signed a €500m ($576m) green loan to Spanish renewables developer Iberdrola for the Windanker offshore wind farm, a project currently under construction in the German Baltic Sea.

Windanker will contribute 315MW of offshore wind capacity, enough to supply renewable electricity to 600,000 people every year, accelerate Europe’s electrification and energy security, driving new employment, economic opportunity, and renewable energy innovation.

“EIB’s €500m 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 Jean-Christophe Laloux, EIB director general of financing and advisory operations within the EU.

The project is part of TechEU, the EIB Group’s programme to accelerate EU innovation, which aims to mobilise €250bn in investments by 2027 for startups, scale-ups, and innovative companies across Europe. Specifically, the project will contribute to the cleantech line of action of TechEU.

The project will also help accelerate Germany’s energy transition, reduce carbon emissions by an estimated 672,000 tonnes of CO2 annually, and support the national target to achieve an 80% renewable share in electricity by 2030.

Windanker will be constructed using 21 Siemens Gamesa turbines, each up to 15MW. These turbines feature a 236 m rotor and direct drive technology, enabling over 30% more annual energy production compared to previous models.

The foundations, up to 84 m long and up to 2,100 tonnes in weight, are being installed by Van Oord’s Svanen vessel. Construction started earlier this month with the installation of the first monopile. Turbine installation will follow in 2026, with full commissioning expected in the fourth quarter of 2026.