EIB grants €500m loan to Iberdrola for German offshore wind farm

José Sainz Armada, Iberdrola's Chief Finance, Control and Corporate Development Officer, stated, "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."

Jean-Christophe Laloux, EIB Director General of Financing and Advisory Operations within the European Union, said the financing, "helps bring wind power technology to the Baltic Sea for the benefit of German consumers". The majority of the electricity generated will be traded through long-term power purchase agreements on the German market.