France: Funding Plan – EIB co-finances the development of an offshore wind farm in Calvados for €350 million
- EIB acts as main spouse in French renewable power mission applied and operated through the EDF Renouvelables, Enbridge and wpd consortium.
- Comprising 64 wind generators positioned 10 to 16 km off the coast of Calvados, the wind farm can have a capability of 450 MW.
- Funding assured through the Ecu Fund for Strategic Investments, the central pillar of the Funding Plan for Europe.
The Ecu Funding Financial institution (EIB) has granted a €350 million credit score line to a consortium made up of EDF Renouvelables, Enbridge and wpd to co-finance the development of a wind farm off the coast of Courseulles-sur-Mer in France. This financing can be assured through the Ecu Fund for Strategic Investments, the central pillar of the Funding Plan for Europe.
Totalling an estimated €2 billion, the mission comes to the development of 64 wind generators positioned over 10 km off the French coast. With a capability of 450 MW, it is going to produce the identical of the yearly electrical energy use of 630 000 other people, i.e. over 90% of the inhabitants of Calvados. It’s anticipated to go into provider in 2024.
Building is predicted to remaining 3 and a part years and can create over 1 000 direct jobs in Normandy, in particular in Le Havre the place the wind generators can be manufactured and assembled in a Siemens Gemesa manufacturing unit recently being constructed. All the way through the lifetime of the wind farm, the mission will allow the introduction of round 100 long-term jobs on the port of Caen-Ouistreham for upkeep operations.
The EU financial institution has recognised experience in financing offshore wind farms. In 2020, the EIB co-financed France’s biggest offshore wind farm mission off the coast of Fécamp (additionally in Normandy) in a consortium of the similar organisations. This financing could also be assured through the Ecu Fund for Strategic Investments.
The Ecu Commissioner for the Economic system, Paolo Gentiloni, stated: “The Funding Plan for Europe is backing the development of a brand new wind park within the west of France. The mission will supply blank power to a few 630 000 other people and create over 1 000 jobs within the procedure. That is some other step against reaching our objective of local weather neutrality through 2050 and showcases the commercial doable of going inexperienced.”
“This 2nd financing of an offshore wind farm in Normandy, France confirms that our transformation into the EU local weather financial institution is choosing up pace,” stated EIB Vice-President Ambroise Fayolle. “This operation consolidates our experience in mounted and floating offshore wind generators, like different cutting edge tasks that we’re financing in different places in Europe.”