The European Investment Bank (EIB) has announced that it would financially back the 165 MW Nobelwind offshore wind project in Belgium.
The proposed EIB finance for the project is roughly €250 million (US$273 million), which constitutes almost 40 % of the total investment cost of the project, approximately €650 million (US$710 million).
Locate 46 km off the Belgian coast, the project is the second phase of an offshore wind farm which went into operation in late 2010.
The second phase consists of installing 165 MW of additional capacity, bringing the total wattage of the site up to 336 MW.
Nobelwind is planning to achieve financial close in November 2015, with construction planned to start in April 2016 and operation set for December 2017.
The development of the offshore site supports the EU and national targets for renewable energy generation and contributes to security of energy supply as well as environmental objectives.
IPP Journal has recently reported on multiple EIB developments: