📋 Tender Overview
Reference: 20240378
Release date: 24 November 2025
Promoter – Financial Intermediary
SPANISH EXPORT CREDIT INSURANCE COMPANY SA COMPANY D, IBERDROLA SA
Location
Germany
Description
The project will finance an offshore wind farm in the German Baltic Sea with an installed capacity of 315 MW.
Additionality and Impact
The Project concerns the development and operation of a new, large-scale, fixed-bottom offshore wind farm that will contribute to the achievement of the 2030 decarbonisation targets set out in the National Energy and Climate Plan (NECP) of Germany as well as the REPowerEU Action Plan.
The Project is located in the German EEZ off the coast of Mecklenburg-Vorpommern, an EU Transition Region. The financing of this Project would contribute to the Bank's lending priority objectives of Renewable Energy, on Climate Action, Environmental Sustainability as well as Economic and Social Cohesion.
The offshore wind farm will primarily reduce carbon and air pollution emissions, which are externalities the market fails to address. Moreover, the Project provides new generation capacity in a sector characterised by incomplete markets, relying on commercial power purchase agreements and sales from the wholesale market. It thereby contributes to the policy objective of supporting market integration of renewable energy projects.
The offshore wind farm is expected to generate a positive broader social benefit due to (i) generating clean and renewable power at a cost below the cost of fossil-fuel based alternatives in Germany and (ii) knowledge externalities. Overall, the operation is expected to yield good quality and results, thanks to avoided GHG emissions, and employment creation. The Project is expected to be supported through adequate governance arrangements by the Promoter.
The EIB's financing provides an additional source of funding to the Promoter. The Bank's financial contribution is considered very good and valuable to the client, as the EIB's offering is more favourable than market alternatives and the "EIB Green Loan" label is deemed as a stamp of quality on the Promoter's investments.
Objectives
By increasing renewable energy generation capacity, the operation contributes to EU-wide targets for renewable energy, including those set out in the Renewable Energy Directive (RED II) and RePowerEU. It also supports national targets outlined in the German National Energy and Climate Plan (NECP). The project aligns with the EIB's lending priority objectives on renewable energy, climate action and environmental sustainability. It adds new generation capacity in a sector characterised by incomplete markets, relying on contracts that carry residual market risks. It is therefore also expected to support the policy goal of integrating renewable energy projects into the market.
Sector(s)
Energy - Electricity, gas, steam and air conditioning supply
Proposed EIB finance (Approximate amount)
EUR 500 million
Total cost (A
