PROVENCE GRAND LARGE FLOATING OFFSHORE (EDP)

Promoter – Financial Intermediary

EDF RENOUVELABLES SA,ENBRIDGE INC

Location

• France

Description

Design, construction, financing and operation of a 24MW floating offshore windfarm located off the coast of Faraman (Provence-Alpes-Côte d'Azur, France).

Objectives

The development of offshore wind energy will support EU and national targets for renewable energy generation and greenhouse gas emission reduction, it thus contributes to environmental objectives. The project will contribute to the Bank's priority objectives for energy sector lending related to renewable energy sources and transversal objectives of climate action. Floating turbines could allow projects to access project sites with better wind resources (for which the fixed-foundation solution would likely be too costly) and generate potential savings with regards to foundations and installation costs. The project is thus likely to contribute to the advance of EU technological leadership in wind energy and therefore support long-term EU economic growth.

Sector(s)

• Energy - Electricity, gas, steam and air conditioning supply

Proposed EIB finance (Approximate amount)

EUR 50 million

Total cost (Approximate amount)

EUR 287 million

Environmental aspects

Following an environmental impact assessment (EIA) process, the project received environmental authorisation in February 2019. The project is located within a Natura 2000 area; an appropriate assessment (AA) concluded that the project is not expected to have a significant negative impact on the integrity of the concerned nature conservation sites.

Procurement

The Bank will require the Promoter to ensure that contracts for the implementation of the project have been/shall be tendered in accordance with the relevant applicable EU procurement legislation (Directive 2014/25/EU), with the publication of tender notices in the Official Journal of the EU, as and where appropriate.

Status

Signed - 16/11/2021