| Project Detail |
The loan will finance the construction and operation of an offshore wind farm with a capacity of approximately 700 MW, located off the Belgian coast. It will be built in the first of the three plots making up the Princess Elisabeth Zone (PEZ), totalling 3.5 GW over the three plots. The project includes the inter-array underground cables and connection to the Modular offshore Grid 2 island (MOG2 or Princess Elisabeth Island), located 45 km off the Belgian coast, which will act as an electricity hub connecting the whole PEZ to the onshore electrical transmission grid. The Princess Elisabeth Island and related transmission infrastructure to connect it to the on-shore grid are not part of the project scope. Objectives The operation supports EU renewable energy objectives and supports Belgium in meeting its commitments with respect to greenhouse gas emission reduction targets, as set out in its National Energy and Climate Plan. Achieving the targets requires substantial additional private and public capital compared to business-as-usual trends. The financing of this project is in line with the EIBs priority energy lending related to renewable energy and climate action. The project is expected to contribute to climate action and environmental sustainability (CA&ES) objectives, in particular to climate mitigation. It helps addressing negative environmental externalities; a market failure, by limiting the emissions of carbon and other air pollutants. Sector(s) Energy - Electricity, gas, steam and air conditioning supply Proposed EIB finance (Approximate amount) EUR 1000 million Total cost (Approximate amount) EUR 2500 million |
