Parkwind has reached financial close at its 219MW Northwester 2 offshore wind farm off Belgium.
The developer will invest a total of €700m in the project with €481m coming from commercial Belgian and European banks, including €210m from the European Investment Bank.
Just over half of the EIB funding will be guaranteed by the European Fund for Strategic Investments, with the Danish EKF guaranteeing the remainder.
EIB vice-president Andrew McDowell commented: “The importance of renewables in the energy mix must not be underestimated and will be key in meeting ever rising demand for low carbon electricity as well as targets set under the Paris climate agreement.
“I am proud to say that the EIB has played a key role in developing the offshore across Europe and has been a strong partner for Belgium from very beginning.”
Northwester 2 will feature 23 MHI Vestas 9.5MW turbines.
Jan De Nul is the installation contractor for turbines, foundations, cabling and the substation. Bladt and Semco will supply the latter.
Parkwind partners at Northwester 2 include Colruyt, InControl and TTR. The wind farm is scheduled to be up and running in the first quarter of 2020.
Waters at the site located about 48km off the Belgian coast are up to 40 metres deep.