EIB co-finances offshore wind farm in France for EUR450mn
The European Investment Bank (EIB) has granted a EUR 450 million (US$511.14 million) credit line to a consortium made up of EDF Renouvelables, Enbridge and wpd to co-finance the construction of one of the largest wind farm projects in France. This financing will be guaranteed by the European Fund for Strategic Investments, known as the Juncker Plan.
Totaling EUR2 billion (US$2.24 billion), the project involves the construction of 71 wind turbines located over 13 km off the coast of Fécamp. It is scheduled to be brought into service in 2023 and will have a capacity of 497 MW, which is equivalent to the annual electricity consumption of 770, 000 people.
The construction of the wind farm will create over 1400 jobs in the local area for a period of three years plus around 100 permanent jobs in maintenance at the port of Fécamp.
EIB Vice-President Ambroise Fayolle, said: “Financing this offshore wind farm off the coast of Fécamp is a major operation for the EIB and marks an important milestone for us as the EU climate bank. Like other innovative projects that we are financing elsewhere in Europe, it consolidates our general expertise in fixed and floating offshore wind turbines.”
The European Commissioner for the Economy Paolo Gentiloni, said: “The European Union is backing the construction of the biggest wind farm in France. The project will provide clean energy to some 770 000 people and create over 1 400 jobs in the local area. It is a perfect example of what we can achieve under the European Green Deal – and another step towards a climate-neutral EU by 2050.”
