The European Investment Bank (EIB) is supporting the construction of RWE’s 1100MW Thor offshore wind project off Denmark with a €1.2bn loan.
The EIB loan will co-finance RWE’s construction of 72 monopiles and 15MW turbines, plus inter-array cabling, an offshore converter station, export wires, a section of onshore lines and an onshore substation.
The turbines are provided by Siemens Gamesa and the connection to the Danish national grid is built by the Danish transmission system operator Energinet.
The project is located on the west coast of Jutland, approximately 22km from Thorsminde in the municipality of Holstebro.
Main offshore installation works are scheduled for 2025 and 2026.
It is planned that the wind farm is fully operational no later than the end of 2027.
The governments of Denmark, Germany, Belgium, the Netherlands, France, Ireland, Norway, together with Great Britain want to ensure turbines with an output of 120GW are installed in the North Sea by 2030.
“The EIB was one of the very first investors in wind power technology and offshore wind farms. We will continue to support the development and the roll out of this technology,” said EIB vice president Nicola Beer, who is responsible for the oversight of projects in Germany.
“A large offshore wind farm that can provide power to more than a million households supports the transition to a net zero economy in Europe, fostering one of the big priorities of European Union for a better and resilient future of citizens.”
RWE chief financial officer Michael Muller said: “At RWE, we are fully committed to working towards a net-zero energy system. This loan at attractive terms helps to further diversify our funding sources.
“With our Growing Green investment programme, we are investing heavily in renewables and we are also focusing on circularity.
“That is why we are installing recyclable rotor blades at Thor and are the first developer in the world to pilot new CO2-reduced steel towers that significantly reduce the carbon footprint of wind turbines.”