EIB mulls €850m West of Duddon loan
The European Investment Bank (EIB) is considering providing €850m ($1.13bn) of finance to the UK’s 389MW West of Duddon Sands offshore wind farm.
If approved, the EIB loan would represent about half the total cost of the project, which is being jointly developed by Spain’s Iberdrola via its ScottishPower Renewables subsidiary and Denmark’s Dong Energy.
Listing West of Duddon Sands on its website, the EIB says any final decision on financing is subject to “appraisal and negotiation”.
In January the EIB – the development bank of the EU – granted a €500m loan to the renewable energy unit of German utility EnBW for its Baltic 2 offshore wind project.
Work has already started on West of Duddon Sands, with the first of its 108 Siemens turbines due to leave its operations hub at Belfast this summer for installation at the project site in the Irish Sea.
The wind farm is due to enter service in 2014.