The European Investment Bank will provide £525m towards the construction of the 588MW Beatrice wind farm to be built 14 km off the Caithness coast in Scotland.
The EIB said the 19-year loan is its single largest investment ever in an offshore wind project.
It added also that the project is the first in Scotland to be supported by the new European Fund for Strategic Investments (EFSI), which will guarantee part of the loan.
The EFSI was set up last year by the European Investment Bank and the European Commission to enable increased lending to projects determined to be “crucial”.
The wind farm will cost more than £2.6bn in total and be built by Beatrice Offshore Windfarm, a partnership of SSE, SDIC Power and Copenhagen Infrastructure Partners.
EIB 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.”
For the latest information on the Beatrice project see this week’s edition of reNEWS.
Image: EIB
