EIB considers financing for German offshore wind farm

The European Investment Bank (EIB) is currently considering financing the construction of the 111MW Nordergründe offshore wind farm in coastal waters of the North Sea in Germany.

EIB is proposing a financing package of €195 million. The total estimated investment for the project is €393 million.

The Nordergründe offshore wind farm will comprise 18 wind turbines of the REpower 6M type. Transmission grid operator TenneT TSO GmbH is responsible for the power supply. The construction of the onshore grid route is largely complete. Construction and commissioning of the wind farm are expected to take place in 2016.

In September 2013, wpd AG acquired the offshore wind farm from Energiekontor AG. Taking into account the accrued costs of the development and start-up costs for the project since 1999, the project sale resulted with a loss of €2-3 million.

wpd AG is currently conducting offshore activities in further five European countries. A total of eight projects in Germany, Sweden and Finland have been developed up to approval status. With a pipeline of 19 offshore wind projects at present and a total capacity of 10 Gigawatt, wpd is one of the largest offshore developers in the world.