EIB to provide £525M loan for Beatrice wind farm offshore UK

WCN Editorial Team 25 May 2016 EUROPE ENERGY & UTILITIES

The European Investment Bank (EIB) has offered a £525M loan for the construction of the £2.7bn Beatrice wind farm off the coast of Scotland, UK.

The EIB loan, partly guaranteed by the European Fund for Strategic Investments, will have tenure of 19 years.

To be constructed 14km off the Caithness coast, the 86-turbine wind farm will produce up to 588MW of electricity, enough to meet the energy needs of over 475,000 homes.

The wind farm will use Siemens 7MW wind turbines with 154m diameter rotor blades.

EIB’s vice president Jonathan Taylor said: “We are pleased to provide £525M to support construction of the Beatrice wind farm that will strengthen renewable energy generation in Scotland. This also represents the first Scottish scheme to be backed by the new European Fund for Strategic Investments.

“EIB backing for energy investment across the UK demonstrates our firm commitment to supporting ambitious energy projects that create jobs and benefit local companies.”

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