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.”
The European Investment Bank (EIB) has granted a €350 million credit line to a consortium made up of EDF Renouvelables, Enbridge and wpd to co-finance the construction of a wind farm off the coast of Courseulles-sur-Mer in France. This financing will be guaranteed by the European Fund for Strategic Investments, the central pillar of the Investment Plan for Europe.
Europe will support the construction of the “Mermaid” and “Seastar” wind farms off the Belgian coast. This will come in the form of a loan of EUR 250 million, fully guaranteed under the European Fund for Strategic Investments (EFSI), the central pillar the Juncker Commission’s Investment Plan for Europe. The total project costs around EUR 1.3 billion.
With 100 wind turbines, each 115m tall, and a generating capacity of 300MW, the Thanet Offshore Wind Farm is the largest offshore wind farm operating anywhere in the world. Inaugurated in September 2010, it is an important step in enabling the United Kingdom to achieve renewable energy targets and generating 15% of energy needs from renewable sources by 2020.