London Array wind farm gets EIB Loan
14 June 2010
The European Investment Bank has approved a UK£ 250 million (€ 300 million) loan facility for Dong Energy to help finance construction of the London Array offshore wind farm in the UK.
The loan, guaranteed by Eksport Kredit Fonden (Danish export credit agency), has been approved on the basis of deliveries from Siemens Wind Power and contractor Per Aarsleff. The first phase of the London Array wind farm will have a capacity of 630 MW and is expected to begin operation in 2012.
Once completed, the London Array wind farm will be the world's largest offshore wind farm, jointly owned by Dong Energy (50%), EON (30%) and Masdar (20%).
European Investment Bank (EIB) vice president responsible for the UK and climate action, Simon Brooks said, "The EIB is pleased to be able to support Dong Energy's contribution to London Array. This project will make a significant contribution to the UK's renewable energy targets."
Chief financial officer of Dong Energy, Carsten Krogsgaard Thomsen said, "Dong Energy's goal is to reach at least 3 GW of wind turbine capacity by 2020, and London Array is a cornerstone in this transition towards a greener future."
