EIB enters French offshore wind market with EUR 450m loan

The European Investment Bank (EIB) has granted a credit line of EUR 450 million to co-finance the construction of the Fécamp offshore wind project in France.

According to the EIB, this is the first operation of this type that it has financed in France, reinforcing the objectives set by its shareholders to make it the European climate bank.

The funding will be guaranteed by the European Fund for Strategic Investments, otherwise known as the Juncker Plan.

“The financing of this offshore wind farm off Fécamp is a major operation for the EIB and marks an important step for us as the European climate bank”, said EIB Vice-President Ambroise Fayolle.

“Like other innovative projects we are financing elsewhere in Europe, it consolidates our general expertise in fixed and floating offshore wind.”

The EIB approved financing for the Fécamp offshore wind project last April.

The 497 MW offshore wind farm, which will be built between 13 and 22 km off the coast of northwestern France, will have 71 Siemens Gamesa 7 MW turbines scheduled to be commissioned in 2023.

The consortium made up of EDF Renewables, Enbridge and wpd recently launched the construction of the project.

Previous Charlottesville to Forgive Jones' $80,000 Loan Balance, Part of Nearly $250,000 Investment | Local News
Next Gabriel Osho and Josh Neufville join Yeovil Town on a one-month loan | News