EIB invests in wind power

The European Investment Bank (EIB) will provide £225 million (€313.8 million) for the construction of the Galloper Wind Farm, 27km off the UK’s Suffolk coast.

The offshore windfarm will provide enough energy to supply up to 336,000 homes from 56 of the world’s largest wind turbines, according to EIB. The project also represents the UK’s first pre-construction offshore wind project finance deal, and the first UK project to be backed by the European Fund for Strategic Investments (EFSI).

The project is said to be worth £1.5 billion (€2.08 billion) and will create over 700 jobs during its construction phase. Already, £150 million (€208.8 million) has been spent during the development of the scheme.

The EIB is supporting the Galloper project alongside a consortium of 12 banks.

Jonathan Taylor, EIB vice president, said, “Projects such as Galloper demonstrate the leading role of the European offshore sector and confirm the EIB’s commitment to finance investment in green growth.”

Meanwhile, the EIB will also provide a loan of €250 million for the construction of the Nobelwind wind farm off the Belgian Coast. The total cost of this project is estimated to be worth €655 million, of which the EIB will provide approximately 38%.

The Nobelwind project will become the fourth biggest offshore wind farm in Belgian waters and will be located around 45km off the coast from Oostende. The capacity of the park will be 165MW, which will provide energy to around 186,000 households.

Pim van Ballekom, EIB vice president, said, “Since 2009, the EIB has invested more than €1 billion in wind energy projects in Belgium to ensure a safe, affordable and diversified supply for a large portion of the Belgian population.”