France: Investment Plan - EIB co-finances the construction of an offshore wind farm in Calvados for €350 million
23 March 2021
EIB acts as major partner in French renewable energy project implemented and operated by the EDF Renouvelables, Enbridge and wpd consortium.
Comprising 64 wind turbines located 10 to 16 km off the coast of Calvados, the wind farm will have a capacity of 450 MW.
Investment guaranteed by the European Fund for Strategic Investments, the central pillar of the Investment Plan for Europe.
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.
Totalling an estimated €2 billion, the project involves the construction of 64 wind turbines located over 10 km off the French coast. With a capacity of 450 MW, it will produce the equivalent of the annual electricity use of 630 000 people, i.e. over 90% of the population of Calvados. It is expected to enter service in 2024.
Construction is expected to last three and a half years and will create over 1 000 direct jobs in Normandy, particularly in Le Havre where the wind turbines will be manufactured and assembled in a Siemens Gemesa factory currently being built. During the life of the wind farm, the project will enable the creation of around 100 long-term jobs at the port of Caen-Ouistreham for maintenance operations.
The EU bank has recognised expertise in financing offshore wind farms. In 2020, the EIB co-financed France's largest offshore wind farm project off the coast of Fécamp (also in Normandy) in a consortium of the same organisations. This financing is also guaranteed by the European Fund for Strategic Investments.
The European Commissioner for the Economy, Paolo Gentiloni, said: “The Investment Plan for Europe is backing the construction of a new wind park in the west of France.The project will provide clean energy to some 630 000 people and create over 1 000 jobs in the process. This is another step towards achieving our goal of climate neutrality by 2050 and showcases the economic potential of going green.”
“This second financing of an offshore wind farm in Normandy, France confirms that our transformation into the EU climate bank is picking up speed,” said EIB Vice-President Ambroise Fayolle. “This operation consolidates our expertise in fixed and floating offshore wind turbines, like other innovative projects that we are financing elsewhere in Europe.”
The 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.
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.
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.