France: Investment Plan - EIB co-finances the construction of an offshore wind farm in Fécamp for €450 million
5 June 2020
EIB acts as major partner in renewable energy project operated by the EDF Renouvelables, Enbridge and wpd consortium.
Comprising 71 wind turbines located 13 to 22 km off the coast of Fécamp, the wind farm will have a capacity of 497 MW.
Investment guaranteed by the European Fund for Strategic Investments (the Juncker Plan).
The European Investment Bank (EIB) today announced that it has granted a €450 million credit line to a consortium made up of EDF Renouvelables, Enbridge and wpd to co-finance the construction of one of the largest wind farm projects in France off the coast of Fécamp. This financing will be guaranteed by the European Fund for Strategic Investments, otherwise known as the Juncker Plan.
Totalling €2 billion, the project involves the construction of 71 wind turbines located over 13 km off the French coast. It is scheduled to be brought into service in 2023 and will have a capacity of 497 MW, which is equivalent to the annual electricity consumption of 770 000 people. According to the promoters, the works will create over 1 400 jobs in the local area for a period of three years plus around 100 permanent jobs in maintenance at the port of Fécamp.
The EU bank has recognised expertise in financing offshore wind turbines, having funded numerous operations in other EU countries such as Belgium, Germany, the United Kingdom and the Netherlands. However, this is the first such operation that it is financing in France, reinforcing the objectives set by its shareholders in November 2019 to make it the EU climate bank.
“Financing this offshore wind farm off the coast of Fécamp is a major operation for the EIB and marks an important milestone for us as the EU climate bank,” said EIB Vice-President Ambroise Fayolle. “Like other innovative projects that we are financing elsewhere in Europe, it consolidates our general expertise in fixed and floating offshore wind turbines.”
The European Commissioner for the Economy Paolo Gentiloni, said:“The European Union is backing the construction of the biggest wind farm in France. The project will provide clean energy to some 770 000 people and create over 1 400 jobs in the local area. It is a perfect example of what we can achieve under the European Green Deal – and another step towards a climate-neutral EU by 2050.”
Iberdrola today signed an agreement with the EIB and the Instituto de Crédito Oficial (ICO) to drive the green recovery by developing new renewable energy capacity in Spain. To this end, the EIB and ICO will provide €600 million and €200 million, respectively, to the Spanish energy company to finance the construction of over 20 projects with total capacity exceeding 2 000 MW. These new facilities will provide green, competitive energy equal to the average annual energy use of almost 1 million households.
With a view to promoting and expanding climate finance in Europe and beyond, the EIB and the International Climate Finance Accelerator Luxembourg (ICFA) have signed a Memorandum of Understanding (MoU) to strengthen their collaboration.
The EIB is granting two credit lines totalling €600 million that will enable Crédit Mutuel Alliance Fédérale to lend over €1.2 billion to French SMEs and mid-caps. It is the first French bank to benefit from the EIB’s post-COVID-19 programme, reaffirming its position as a key player in the financing of SMEs and mid-caps.