The European Investment Bank (EIB) will support the construction of the Nobelwind wind farm off the Belgian coast with a loan of EUR 250 million, a large portion of which will be proposed for backing under the European Fund for Strategic Investments (EFSI). The total cost of the project is estimated to be EUR 655 million, of which the EIB would provide approximately 38%.

The Nobelwind project will become the fourth biggest offshore wind farm in Belgian territorial waters and will be located some 45 kilometres off the coast from Oostende. The capacity of the park will be 165 MW, equivalent to the energy consumption of around 186.000 households. After reaching its financial close today, construction is set to begin in April next year. With 40% of the total EIB investment in the project proposed for a guarantee under EFSI, Nobelwind would be the largest project in Belgium under the “Investment Plan for Europe” to date.

EIB Vice-President Pim van Ballekom commented: “Since 2009 the EIB has invested more than EUR 1 billion in wind energy projects in Belgium to ensure a safe, affordable and diversified supply for a large portion of the Belgian population. Fighting climate change is a long-term goal for the EIB and we hope to see more projects like this one in Belgium in the coming years.”

The current project regards the construction of the second phase of a larger offshore windfarm which will have a total capacity of 336MW. The development of offshore wind energy will support EU and national targets for renewable energy generation and contribute to security of energy supply and environmental objectives.