EIB enters French offshore wind market with €450 million loan

The European Investment Bank (EIB) has granted a €450 million credit line for co-financing the construction of the Fécamp offshore wind project in France.

According to EIB, this is the first such operation it is financing in France, reinforcing the objectives set by its shareholders to make it the EU climate bank.

The financing will be guaranteed by the European Fund for Strategic Investments, otherwise known as the Juncker Plan.

“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.” 

EIB approved the financing for the Fécamp offshore wind project in April last year.

The 497 MW offshore wind farm, to be built between 13 and 22km off the coast of northwest France, will have 71 Siemens Gamesa 7 MW turbines scheduled for commissioning in 2023.

The consortium comprising EDF Renewables, Enbridge, and wpd recently launched the project construction.