EIB to finance 25 MW floating offshore wind farm in Portugal

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EIB to finance 25 MW floating offshore wind farm in Portugal

The European Investment Bank (EIB) has announced that it will play the role of financier in Windplus' 25 MW Windfloat Innovfin FDP offshore wind project in Portugal.

The proposed EIB finance for the project is roughly €25 million (US$27.3 million), which constitutes 20 % of the total investment cost of the project, approximately €125 million (US$137 million).

To be located in 85-100m water depth roughly 20 km off the coast of Portugal, the project covers the design, installation, operation and maintenance of a 25 MW floating wind farm.

The site will comprise 3-4 floating substructures with state-of-the-art wind turbines of the 6-8 MW class. The endeavor also includes export cable sections to a fixed sub-sea cable connection that is to be installed and operated by the transmission system operator.

The wind farm is being developed by Windplus, a company controlled by EDP Group, the Portuguese global utility firm, and Repsol, the Spanish global oil and gas company. The project is currently under appraisal.

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:

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