EIB mulls loan for Borssele III and IV wind projects
A development consortium led by Shell is seeking European Investment Bank funding for the up to 740 MW Borssele 3&4 offshore wind farm in the Netherlands.
The consortium Blauwwind II C.V., comprising Shell, Eneco, Van Oord, and Diamond Generating Europe, a wholly-owned subsidiary of Mitsubishi Corporation, has applied for a loan with the EIB to support the development of the wind farms. The EIB has confirmed that it is considering the application but it has not diclosed the amount it may lend.
The application has been made on the basis that the project “will further contribute to the Bank's priority objectives for energy-sector lending related to renewable energy sources and climate action”.
Wind farms Borssele III & IV are expected to generate more than 3.200 GWh per annum, the equivalent of the electricity used by approximately 825,000 households.
The second Borssele offshore wind farm in the Dutch North Sea is expected to be constructed and operated with a subsidy of just €300 million (US$313 million). The originally anticipated subsidy was €5 billion (US$5.21 billion).
With this wind farm in the Borssele Wind Farm Zone, the subsidy savings are even higher than for the first 700 MW wind farm (the Borssele I & II sites), which at the time was set to be the world's cheapest offshore wind farm. Moreover, with the current energy price outlook, the second wind farm in Borssele can be operated without subsidy after 7.5 years.
As we reported, the consortium won the tender for the construction and operation in December 2016. The consortium bid €54.5/MWh (US$56.85/MWh). By comparison, DONG Energy Borssele 1 BVwon the previous tender with a price of €72.7/MWh. In total, 26 bids from seven parties/consortia were received in the tender.
Our team have lately informed about other renewable projects in Europe:
Country news
-
-
July 07, 2017
CFM achieves first close on EM-focused renewables fund
Climate Fund Managers (CFM) has announced the first close of Climate Investor One (CIO), at US$412 million.
Read more -
May 04, 2017
600 MW Gemini offshore wind farm fully completed
Northland Power Inc. has confirmed that the 600 MW Gemini offshore wind farm achieved full completion on April 28, 2017. The project was completed ahead of schedule and under its total budget of €2.8 billion (US$3.06 million).
Read more -
April 25, 2017
Friesland Council approves investment for offshore development
Friesland's Council has approved the proposed €127 million (US$138 million) investment in the 320 MW Windpark Fryslân, an offshore wind farm of the Dutch Province of Friesland.
Read more -
April 11, 2017
Greenko raises US$155 million in Equity funding
Greenko Energy Holdings (Greenko), an Indian renewable energy company, has announced the signing of definitive agreements for a primary equity raising of US$155 million from an affiliate of GIC and an entity that is ultimately wholly-owned by the Abu Dhabi Investment Authority (ADIA).
Read more -
March 28, 2017
Financial close for 102 MW Windpark Krammer
Windpark Krammer, a 102 MW wind power generation facility located in the Netherlands, has successfully reached financial close.
Read more
