The European Investment Bank (EIB) has approved loans for an undisclosed amount of funding for the French offshore wind projects Saint-Nazaire and Fecamp.
EDF and Enbridge are developing the 480MW Saint-Nazaire and 498MW Fecamp projects off the French Atlantic coast.
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EIB said offshore wind energy will support EU and national targets for renewable energy generation, and contributes to the security of energy supply and environmental objectives.
The projects will further contribute to the bank’s transversal priority objectives for energy-sector lending related to renewable energy sources and climate action, EIB added.