The EIB has granted EUR 300 million to finance the Belwind project; it is the first time that EIB will assume project finance risk for an offshore wind farm.  

The financing which was closed on July 24 and announced today will cover the construction and operation of the first phase of a 330 MW offshore wind farm situated at the Bligh Bank in the North Sea, 46 km off the coast of Belgium. Belwind will be the largest Belgian offshore wind farm, aiming to contribute to achieve the Belgian government’s target of 6% share of electricity generated from renewable energy sources. The construction of the wind farm has started and is expected to be completed by early 2011.

See the press release issued on 27 July 2009 at closing by the financial partners.

See also the table on the various facilities.

Background information on the EIB and Renewable Energy

The EIB loans contribute chiefly to economic and social cohesion, environmental protection, research and innovation, support for SMEs, the development of trans-European transport and energy networks, and sustainable, competitive and safe energy.

The Bank permanently adapts its activity to developments in EU policy. The promotion of renewable energy, energy efficiency, R-D-I in energy and security of supply has become a priority objective, to which the EIB devoted EUR 10.2 billion in 2008, of which EUR 2.2 billion for the development of renewable energy projects (a figure that has quadrupled in the past two years). Of the renewable energy segments financed by the EIB in the European Union, solar and wind energy made rapid inroads in 2008, accounting for 62 % of loans.  EIB is particularly emphasizing the offshore wind sector; with the signature of Belwind, EIB has supported 6 projects totalling 1000 MW with financing amounting to EUR 1.1 billion.