EIB considers financing Neart Na Gaoithe offshore wind farm

The European Investment Bank (EIB) is mulling financing the 450 MW Neart na Gaoithe offshore wind project in UK.

The project was awarded a Contract for Difference (CfD), which means an inflation-linked strike price for its output for a 15-year period, earlier 2015. It involves the construction and operation of a large-size 450MW offshore windfarm of up to 75 turbines, 15 km off the coast of Fife, Scotland.

The total project investment is estimated at €2197 million (US$2453 million).

According to the project sponsor, Mainstream Renewable Power, the offshore wind farm is expected to be generating electricity and fully commissioned by 2020.

The development of offshore wind energy will support EU and national targets for renewable energy generation and contribute to security of energy supply and environmental objectives.