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.