EIB financing considered for offshore wind farm in Belgium

The European Investment Bank (EIB) is mulling providing project financing for the Norther offshore wind project in Belgian North Sea.

More concretely, the EIB is mulling providing €450 million (US$500.5 million). The total project investment has not been disclosed.

The project, owned by Elicio NV and Eneco Group, involves the construction and operation of an offshore wind park 22 km from the Belgian Coast with an estimated capacity of up to 370 MW. MHI Vestas Offshore Wind will provide the 47 V164-8.0 MW wind turbines for the new offshore facility.

According to the EIB, the development of offshore wind energy will support EU and national targets for renewable energy generation, and contributes to security of energy supply and environmental objectives. The project will further contribute to the EIB's priority objectives for energy-sector lending related to renewable energy sources and climate action (transversal).