- EUR 210 million EIB loan, slightly more than half guaranteed by Juncker Plan of European Commission. Danish EKF to guarantee other EUR 100 milion.
- Wind park will comprise of 23 MHI Vestas turbines with a rotor diameter of 164 meters and is located some 45 kilometres off Belgian coast.
The European Investment Bank (EIB) will support the construction of the Northwester wind farm off the Belgian coast with a loan of EUR 210 million. Slightly more than half of this amount will be guaranteed under the European Fund for Strategic Investments (EFSI), the central pillar the Juncker Commission’s Investment Plan for Europe. The total cost of the project is estimated to be around EUR 642 million.
Northwester 2 is the fourth wind project off the Belgian coast to be supported under the EFSI. Upon completion, its 23 wind turbines will deliver an estimated 219 MW [i], enough to supply green energy to around 220.000 Belgian families. Construction is set to begin in May of next year and is expected to become operational in 2020. The project is estimated to create several hundreds of person-years in employment during the construction phase, with a further 20 full-time positions created once operational. The project will use a new type of wind turbine, built by MHI Vestas, with a rated capacity of 9,5 MW.
Commission Vice-President Maroš Šefčovič, responsible for Energy Union, said: "The EU has been an early mover on renewables and thanks to our policy framework, providing certainty and the right conditions to investors, the European renewables sector has reached a mature stage.This new wind farm off the Belgian coast – with a strong innovative and cross-border component – is yet another proof how committed we are to investing into energy of tomorrow. Renewables not only bring clean energy to numerous homes, but can also create a diversity of local jobs and business opportunities. Let’s keep up the good work for our Planet as well as our economy.”
EIB Vice-President Andrew McDowell commented: “The importance of renewables in the energy mix must not be underestimated and will be key in meeting ever rising demand for low carbon electricity as well as targets set under the Paris climate agreement. I am proud to say that the EIB has played a key role in developing the offshore across Europe and has been a strong partner for Belgium from very beginning.”
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. In 2017, the EIB invested over EUR 1,6 billion in projects across Belgium in support of local companies, water and urban development projects as well as education, health and infrastructure. Wind power concessions in the North Sea have been granted for 2.27 GW of capacity, with around 871 MW currently under operation and an additional 664 MW under construction. The project will contribute to the EU renewable energy target for 2030.
About The Investment Plan for Europe
The Investment Plan for Europe focuses on strengthening European investments to create jobs and growth. It does so by making smarter use of new and existing financial resources, removing obstacles to investment, and providing visibility and technical assistance to investment projects. The European Fund for Strategic Investments (EFSI) is the central pillar of the Juncker Plan. So far, the projects and agreements approved for financing under the EFSI are expected to mobilise over EUR 344 billion in investments and support around 787,000 SMEs across all 28 Member States. Find the latest EFSI figures by sector and by country here, or see the FAQs
[i] The concession will host 23 turbines of 9,5 MW, equalling 218,5 MW total nameplate capacity.
5 October 2018