EIB finances EUR350 mn for Courseulles-sur-Mer offshore wind project in Normandy

The European Investment Bank (EIB) has granted a EUR350 million (US$416.15 million) credit line to a consortium made up of EDF Renouvelables, Enbridge, and wpd to co-finance the construction of a wind farm off the coast of Courseulles-sur-Mer in France. This financing will be guaranteed by the European Fund for Strategic Investments, the central pillar of the Investment Plan for Europe.

Totaling an estimated EUR2 billion (US$2.38 billion), the project involves the construction of 64 wind turbines located over 10 km off the French coast. With a capacity of 450 MW, it will produce the equivalent of the annual electricity use of 630 000 people, i.e. over 90% of the population of Calvados. It is expected to enter service in 2024.

Construction is expected to last three and a half years and will create over 1 000 direct jobs in Normandy, particularly in Le Havre where the wind turbines will be manufactured and assembled in a Siemens Gamesa factory currently being built. During the life of the wind farm, the project will enable the creation of around 100 long-term jobs at the port of Caen-Ouistreham for maintenance operations.

The EU bank has recognized expertise in financing offshore wind farms. In 2020, the EIB co-financed France's largest offshore wind farm project off the coast of Fécamp (also in Normandy) in a consortium of the same organizations. This financing is also guaranteed by the European Fund for Strategic Investments.