The European Investment Bank (EIB) will support the construction of the Norther wind farm off the Belgian coast with a loan of EUR 438 million, with half of the amount to be guaranteed under the European Fund for Strategic Investments (EFSI).
The total cost of the project is estimated to be EUR 1.1 billion, of which the EIB would provide nearly 40%.
Norther is the third wind project off the Belgian coast to be supported under the EFSI.
Construction is set to begin in the spring of next year and the wind farm expected to be operational in summer 2019. The project is expected to create 2,530 person-years in employment during the construction phase, and further 16 full-time positions once operational, according to EIB.
EIB Vice-President Pim van Ballekom said: “In the last 5 years the EIB has invested over EUR 880 million in wind energy projects in Belgium to ensure a safe, affordable and diversified supply for a large portion of the Belgian population. Thanks to the backing under EFSI, the Bank can take on more of these projects, which create jobs while helping to support the energy switch.”
Commission Vice-President Maroš Šefčovič , responsible for Energy Union, said: “Today’s agreement demonstrates how the EFSI can act to boost investment while also helping to ensure that Europe has secure, affordable and climate-friendly energy sources. I believe that the Investment Plan will continue to make a substantial contribution towards Europe’s transition to a becoming a secure, competitive and low-carbon economy in the years ahead.”
The companies behind the project have reached the financial close and placed an order with MHI Vestas for 44 of its 8MW turbines, optimised at 8.4MW.