EnBW nails €500m Baltic 2 loan

German Chancellor Angela Merkel surveying Baltic 1

German Chancellor Angela Merkel surveying Baltic 1

The European Investment Bank (EIB) has granted a €500m ($663m) loan to the renewable energy unit of German utility EnBW for its Baltic 2 offshore wind project.

EnBW is building the 288MW wind farm with 80 Siemens SWT 3.6-120 turbines 32km north of the island of Rügen in the Baltic Sea. Baltic 2 is expected to start operations in 2014.

"The commitment of EIB to a project like EnBW Baltic 2 makes a very essential contribution towards the energy transition,” says Thomas Kusterer, chief financial officer at EnBW, referring to Germany’s phase-out of nuclear energy. “Participation of the EIB in such projects represents a decisive element in structuring and financing.”

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