The European Investment Bank (EIB) is lending EUR 156m for the Nordergründe wind farm, which is one of the first offshore wind farm projects developed in Germany. Located in the German coastal part of the North Sea, it will consist of 18 turbines with a total generating capacity of 111 MW. The total cost of this large-scale innovative renewable energy project is EUR 410m.
Nordergründe will be built 16 km off the coast of East Frisia and 14 km east of the island of Wangerooge. The off-shore construction work will commence in March 2016 and is planned to be finished by the end of 2016. The owner and operator of the project is wpd AG, which specialises in renewable energy, particularly wind energy projects in Western, Central and Eastern Europe as well as in Asia.
Wilhelm Molterer, EIB Vice-President with responsibility for lending operations in Germany, said “The financing of renewable energy, particularly offshore wind energy projects, is and will continue to be a key part of the EIB’s work, as it is all about meeting Europe’s ambitious environmental targets. Thus, we are glad to support the Nordergründe project, as it will very much contribute to that, as well as improving the security of energy supply in Europe”.
The EIB is one of the biggest financiers of renewable energy in Europe and has so far provided loans totalling EUR 6.6bn for the offshore wind energy sector alone. For projects of this size it is the long maturities and favourable terms offered by the Bank that operators find attractive. Electricity generation from offshore wind farms can produce electricity with substantially lower environmental impacts, particularly greenhouse gas emissions.
The EIB and the Instituição Financeira de Desenvolvimento (IFD) have joined forces to finance a €400 million investment programme aimed at upgrading infrastructure for long-term and elderly care across Portugal, involving approximately 150 projects. The funds will be channelled to third-sector entities already providing services for the elderly in Portugal, in particular in the fields of health, accommodation and social support.
The EIB will support the upgrade of the municipal district heating system in the Ukrainian City of Kryvyi Rih with a €31.6 million loan, supplemented by a €6.4 million grant from the Eastern Europe Energy Efficiency and Environment Partnership (E5P). The Kryvyi Rih District Heating Modernisation project is part of the broader Ukraine Municipal Infrastructure Programme (UMIP), promoted by the Ministry of Communities and Territories Development of Ukraine.
After its first year of operation, the Joint Initiative on Circular Economy provided €2.7 billion of long-term financing for projects that will help accelerate the transition towards a circular economy. This initiative launched by the six largest public financial institutions in the EU aims to finance at least €10 billion of investments to support the circular economy over five years (2019-2023).