The European Investment Bank (EIB) has granted a loan of up to €300M for the construction of the offshore Rentel wind farm in Belgium.
€250M of the loan will be provided under the European Fund for Strategic Investments (EFSI) — one of the pillars of the Investment Plan for Europe.
The €1.1bn wind farm — to be located at 34km off the Belgian coast — will comprise a 22.72sq km area in water depths between 22 and 36m.The project will have an installed capacity of 309MW and will feature 42 wind turbines. It will generate enough green electricity to power about 285,000 Belgian homes.
Rentel NV was established by a consortium of Belgian specialists in renewable energy specialists to develop, finance, construct and operate offshore wind farms.
Marianne Thyssen, the European Commissioner responsible for employment, social affairs, skills and labour mobility, said: "I am very proud that the Investment Plan is supporting such a worthwhile project. When you consider its size, Belgium really is punching above its weight with EFSI financing so far.
“The renewable energy sector is vitally important for job creation as well as of course for our COP21 objectives, and I welcome the signature of this project today."
* Data provided by Timetric's Construction Intelligence Center.