Windanker
Iberdrola's third offshore wind farm in German Baltic Sea. Japanese utility Kansai acquired 49% stake December 2024. Project valued at EUR 1.28 billion.
Status
Under Constructionlifecycle stage
DeliveringHafrok completion outlook
Ownership
WGWindanker GmbH — 100% ◆
Location
GermanyBaltic Sea
Technology
Capacity
315 MW ◆
Turbines
21 × 15 MW ◆
Model
Siemens Gamesa SG 14-236 DD ◆
Foundation
Monopile ◆
Site & conditions
Site rights
Seabed rights held ∴
Origination
BNetzA Offshore Wind Auction 2021 (central model) · 2021 ·
Water depth
41–46 m ◆
Distance from shore
38 km ◆
Wind speed
10.0 m/s @ 150 m ≈
Revenue & grid
Offtake
PPA ◆
Grid
Secured ◆
Connection
50Hertz Ostwind 3: Jasmund offshore substation (OSS, installed … ◆
Schedule
FID
Jun 2024 ◆
COD · announced
2027 ◆
COD · Hafrok
2027 expected
Delivery outlook modelled by Hafrok · calibrated on delivered projects
2027
expected year of commercial operation
Chance of delivery
≈98%
estimated chance this project reaches commercial operation
Under Construction projects complete ≈97% of the time on Hafrok's record. A secured offtake contract lifts this one slightly; technical complexity pulls a little the other way.
COD outlook
If it completes, when — Hafrok’s probability by year (teal) · the developer’s COD guidance, by date stated (ink)
| Year | Probability |
|---|---|
| 2026 | 1.3% |
| 2027 (expected) | 75.4% |
| 2028 | 21.7% |
| 2029 | 1.6% |
| Stated | Announced COD |
|---|---|
| 2024-06-27 | 2026 |
| 2025-11-03 | 2026-Q4 (held since 2025-04-24, 2 statements) |
| 2026-06-10 | 2027 |
How Hafrok got this date
1
Starting point: the last dated milestone
Construction start in
2025. From there Hafrok adds how long similar projects (in established offshore-wind markets) took to reach commercial operation, measured on projects that have delivered.2
Typical timing
Starting point plus the typical remaining time gives a middle estimate of
2026 Q3; the faster quarter of similar projects would be done by 2025 Q4, the slower quarter not until 2027 Q3.3
Result
Expected commercial operation
2027, likely range 2026–2028 (the middle half of outcomes for similar projects). The developer's announced date falls inside that likely range, so the announced date is adopted.4
Year-by-year chart
The bars spread that estimate across years using how similar projects actually slipped against their dates — more often late than early, which is why the bars lean right.
5
Chance of delivery — separate from timing
Start from the share of Under Construction projects that went on to complete — ≈97%, measured on Hafrok's record of delivered and abandoned projects, with an allowance held back where that record cannot yet speak (projects still unresolved, changed market conditions). Based on the measured record — all 257 construction starts with a final outcome reached operation — adjusted down for projects still mid-build and for legal-challenge risk. Then adjust for this project's own evidence — offtake, market, size, technical complexity — to ≈98%, which rates it
Delivering on Hafrok's four-step delivery scale (Delivering · Expected · Prospective · Fragile).Project timeline & ownership verified milestones on the spine · ownership from Hafrok’s transactions record
Origination · 2021-09
BNetzA Offshore Wind Auction 2021 (central model)
- Awarded to
- RWE Renewables Offshore Development One GmbH
- Basis
- integrated tender
From the auction results — the round that created the project.
Farmdown · 2024-12
Iberdrola → Kansai Electric Power 49%
- Stake
- 49%
- Consideration
- €180m
- Implied 100% value
- €367m
- Implied
- €1.17m / MW
- Basis
- Price for the equity
- Announced
- 2024-12
- Closed
- 2025-04
- Project stage
- under construction
Iberdrola sold 49% to Kansai Electric Power. Iberdrola stated total project value EUR 1.28bn (total investment cost). Kansai's total commitment is ~49% of EUR 1.28bn (~EUR 627m), of which ~EUR 150m is upfront equity and the remainder (~EUR 477m) is construction capex commitment. The EUR 150m is therefore not a standalone equity purchase price but part of a larger capex- inclusive commitment. Zero-subsidy project (2022 German auction). Iberdrola retained 51%. COD expected Q4 2026. Context figures that are NOT consideration: EUR 1,280m whole-asset value (H1 2025), EUR 1.3bn Kansai co-investment framing (9M25 deck).
Evidence
- offshoreWIND.biz — Iberdrola to Sell Stake in 315 MW German Offshore Wind Farm to Japan's Kansai ↗ 2024-12-13 ◆ held
- Iberdrola — Iberdrola — gsm26 annual accounts consolidated 2025 ↗ 2025 ◆ held
- European Investment Bank — EIB and Iberdrola sign a €500 million green loan for the Windanker offshore wind farm in German Baltic Sea ↗ 2025-11-03 ◆ held
- Iberdrola — Iberdrola gives entry to Kansai into the German offshore wind project Windanker valued at 1.28 billion euros ↗ 2024-12-12 ◆ held
From Hafrok’s transactions record
Dashed tick marks today (13 Oct 2026). The ▲ below the spine is the developer-announced COD. The teal diamond on the spine is origination — the seabed award or round that created the project. Every other ownership event lives in the band below: one station per recorded deal, dated at its label, in deal order rather than to calendar scale. Secondary trades appear only at the interchanges; grey lines are parties whose entry or exit Hafrok’s record does not hold.
Announced COD: slipped so far +1.0 yr (first announced 2026) · the full guidance history is in the delivery chart above
Revenue & offtake zero-bid award · bilateral offtake
Auction won at €0.00/MWh — no state price support
Award€0.00/MWh ◆
RoundBNetzA Offshore Wind Auction 2021 (central model) · Sep 2021
Awarded capacity300 MW
The award carries no state price support — revenue rests on bilaterally contracted offtake. Corporate PPA contracts are not yet recorded as structured data; the Revenue & offtake rows carry what the record's sources state.
Installation how the build is going · from sourced statements and Hafrok’s registers
Installation under way
Installation · on record
StageUnder Construction
Offshore constructionstarted 2025-10
Turbinesnot reportedshown when the developer reports a dated count
Commissioned21 of 21100% · as of 2026-10-13 · official register (Germany's Marktstammdatenregister) · commissioning follows installation, so at least this many turbines stand
Expected start of operation2027
Construction ports
PortMukran ◆·marshalling · draft 13.5 m
Grid connection
from Hafrok’s substation, converter and cable registers
Offshore platforms · 1
Offshore substationJasmund·owner 50Hertz Transmission
Grid connection · ready in time?
when each part of the grid connection is due, against the start date the developer states (black line) and the year Hafrok expects (teal band) · a bar spans the whole year, quarter or month the source gives
installed or in serviceexpected deliveryearlier date that was later moved
Sources & verification
Rests on 10 sources (8 primary) · ◆ 6 documents held
◆Verified≈Modelled◇Sourced∴Inferred⌁Convention○Unverified∅No source·Derived
Numbers are stable citation ids — grouped by source class, so they are not consecutive.
Regulator2
[1]
Bundesamt fuer Seeschifffahrt und Hydrographie (BSH)2025-01◆ Planfeststellungsbeschluss Offshore-Wind…
“Rostock, den 24.01.2025 Planfeststellungsbeschluss A. Verfügender Teil I. Feststellung des Plans [...] Der Planfeststellungsbeschluss umfasst 21 (Offshore-)Windenergieanlagen (im Folgend en: OWEA) sow…”
supportsoperatorConsentTurbinesModelUnit capacity+6 more
[17]
Bundesnetzagentur — Marktstammdatenregister2026-08-23◆ Marktstammdatenregister (MaStR) offshore…
“Park row "OWP Windanker": 21 units, 315.0 MW gross, statuses {'In Planung': 21}, operators ['Windanker GmbH'], commissioned None..None, planned 2026-12-31..2026-12-31.”
supportsRegister entry
Operator1
[10]
Trade press7
[2]
[8]
[12]
[14]
offshoreWIND.biz2025-10-01
Press report — cited, not quoted; read it at the source link.
supportsOffshore constructionSvanen — foundation installation
[15]
[18]
offshoreWIND.biz2026-09-01◆ Iberdrola’s New German Offshore Wind Far…
Press report — cited, not quoted; read it at the source link.
supportsFirst power
[22]
offshoreWIND.biz2025-04-24◆ Iberdrola, Kansai Close EUR 1.28 Billion…
Press report — cited, not quoted; read it at the source link.
supports↳ parent