France: Investment Plan - EIB co-finances the construction of an offshore wind farm in Fécamp for €450 million
5 June 2020
EIB acts as major partner in renewable energy project operated by the EDF Renouvelables, Enbridge and wpd consortium.
Comprising 71 wind turbines located 13 to 22 km off the coast of Fécamp, the wind farm will have a capacity of 497 MW.
Investment guaranteed by the European Fund for Strategic Investments (the Juncker Plan).
The European Investment Bank (EIB) today announced that it has granted a €450 million credit line to a consortium made up of EDF Renouvelables, Enbridge and wpd to co-finance the construction of one of the largest wind farm projects in France off the coast of Fécamp. This financing will be guaranteed by the European Fund for Strategic Investments, otherwise known as the Juncker Plan.
Totalling €2 billion, the project involves the construction of 71 wind turbines located over 13 km off the French coast. It is scheduled to be brought into service in 2023 and will have a capacity of 497 MW, which is equivalent to the annual electricity consumption of 770 000 people. According to the promoters, the works will create over 1 400 jobs in the local area for a period of three years plus around 100 permanent jobs in maintenance at the port of Fécamp.
The EU bank has recognised expertise in financing offshore wind turbines, having funded numerous operations in other EU countries such as Belgium, Germany, the United Kingdom and the Netherlands. However, this is the first such operation that it is financing in France, reinforcing the objectives set by its shareholders in November 2019 to make it the EU climate bank.
“Financing this offshore wind farm off the coast of Fécamp is a major operation for the EIB and marks an important milestone for us as the EU climate bank,” said EIB Vice-President Ambroise Fayolle. “Like other innovative projects that we are financing elsewhere in Europe, it consolidates our general expertise in fixed and floating offshore wind turbines.”
The European Commissioner for the Economy Paolo Gentiloni, said:“The European Union is backing the construction of the biggest wind farm in France. The project will provide clean energy to some 770 000 people and create over 1 400 jobs in the local area. It is a perfect example of what we can achieve under the European Green Deal – and another step towards a climate-neutral EU by 2050.”
UniCredit and EIB Group, including the European Investment Bank (EIB) and European Investment Fund (EIF), have signed a new agreement to provide financing to Italian small and medium-sized enterprises (SMEs) and Mid-caps. The operation is supported by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe.
The European Investment Bank has signed a Green Loan for c. 66 MEUR (c. 304 MPLN) with six special purpose vehicles owned by EDP Renewables (EDPR) to support the construction and operation of six medium-sized onshore wind farms with a total nominal capacity of 150 MW in Poland.
The European Investment Bank (EIB) is supporting the biodiversity strategy of Eau de Paris, the City of Paris municipal water authority, with a loan of €3.75 million under the Natural Capital Financing Facility to implement measures to restore river connectivity and various programmes to enhance biodiversity. Technical assistance will also be provided alongside the financing. This new loan follows the signing of a €130 million loan last July between the EIB and Eau de Paris to finance the authority’s 2021-2026 investment plan.