Final investment decision for Norther offshore wind project

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Final investment decision for Norther offshore wind project

The 370-MW Norther offshore wind project  in Belgian North Sea, has finally achieved financial closure by means of a €438-million (US$456 million) financing package provided by the European Investment Bank.

The project worth €1.1 billion (US$1.15 billion) 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 has been selected to provide 44 V164-8.4 MW turbines, wich have been specially optimised for the 370 MW Norther project. MHI Vestas is the joint venture between Japan’s Mitsubishi Heavy Industries and Denmark’s Vestas.

On the other hand, Netherlands-based Van Oord will be in charge of the  engineering, procurement, supply and installation of the 44 turbine foundations.

As we reported in mid December, Mitsubishi Diamond Offshore Wind Holdings II BV, wholly-owned subsidiary of Japan-based Mitsubishi Corp has signed a deal to acquire 25% stake in the  Norther offshore wind project.

Mitsubishi, jointly with Eneco have agreed to establish a 50/50 joint venture to invest in the Norther project, holding a 50% stake in the scheme. The remaining stake will be owned by Elicio NV.

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