France: Funding Plan – EIB co-finances the development of an offshore wind farm in Calvados for €350 million

France: Funding Plan – EIB co-finances the development of an offshore wind farm in Calvados for €350 million


©EDF Renouvelables
  • EIB acts as main accomplice in French renewable vitality challenge applied and operated by the EDF Renouvelables, Enbridge and wpd consortium.
  • Comprising 64 wind generators situated 10 to 16 km off the coast of Calvados, the wind farm can have a capability of 450 MW.
  • Funding assured by the European Fund for Strategic Investments, the central pillar of the Funding Plan for Europe.

The European 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 will likely be assured by the European Fund for Strategic Investments, the central pillar of the Funding Plan for Europe.

Totalling an estimated €2 billion, the challenge entails the development of 64 wind generators situated over 10 km off the French coast. With a capability of 450 MW, it’ll produce the equal of the annual electrical energy use of 630 000 folks, i.e. over 90% of the inhabitants of Calvados. It’s anticipated to enter service in 2024.

Building is anticipated to final three and a half years and can create over 1 000 direct jobs in Normandy, significantly in Le Havre the place the wind generators will likely be manufactured and assembled in a Siemens Gemesa manufacturing unit at the moment being constructed. In the course of the lifetime of the wind farm, the challenge will allow the creation 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 largest offshore wind farm challenge off the coast of Fécamp (additionally in Normandy) in a consortium of the identical organisations. This financing can be assured by the European Fund for Strategic Investments.

The European Commissioner for the Financial 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 challenge will present clear vitality to some 630 000 folks and create over 1 000 jobs within the course of. That is one other step in direction of attaining our purpose of local weather neutrality by 2050 and showcases the financial potential of going inexperienced.”

This second 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 fastened and floating offshore wind generators, like different progressive tasks that we’re financing elsewhere in Europe.” 



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