The European Investment Bank (EIB) has granted a €450m credit line to a consortium made up of EDF Renouvelables, Enbridge and WPD to co-finance the construction of the 497MW Fecamp offshore wind farm off the coast of France.
EIB said the finance will be guaranteed by the European Fund for Strategic Investments, otherwise known as the Juncker Plan.
The €2bn project will comprise 71 Siemens Gamesa turbines installed over 13km offshore.
It is scheduled to be brought into service in 2023.
EIB vice-president Ambroise Fayolle (pictured) said: “Financing this offshore wind farm off the coast of Fcamp is a major operation for the EIB and marks an important milestone for us as the EU climate bank.
“Like other innovative projects that we are financing elsewhere in Europe, it consolidates our general expertise in fixed and floating offshore wind turbines.”
European Commissioner for the Economy Paolo Gentiloni said: “The EU is backing the construction of the biggest wind farm in France.
“The project will provide clean energy to some 770,000 people and create over 1400 jobs in the local area. It is a perfect example of what we can achieve under the European Green Deal – and another step towards a climate-neutral EU by 2050.”