Ørsted secures €500 million from EIB

4C Offshore | Tom Russell
By: 29/09/2021 Ørsted
The European Investment Bank (EIB) has signed a €500 million loan with Ørsted to support its increased capex programme on renewable energy projects, and the conclusion of the Borssele 1&2 wind farm off the Dutch coast with a long-term commitment.

“We’re very pleased with the commitment from EIB and the strong support they are showing for Ørsted’s investments into the Borssele 1 & 2 wind farms and renewable energy in general. With this loan Ørsted has secured long-term financing for the project, which is a key enabler towards succeeding with our aspiration to become the world’s leading green energy major,” said Vice President Kasper Kiim Jensen, Head of Treasury & Capital Planning at Ørsted.

"The EIB has a long history when it comes to financing wind power, from the R&D of the technology to the turbines, as well as some of the largest wind parks in Europe, ultimately helping to bring down the prices for wind energy,” said EIB Vice President Kris Peeters. “Renewable energy will continue to gain importance as we move towards full decarbonisation. The EIB remains committed to financing this transition and is happy to financially support Ørsted’s role in this.”

Ørsted won rights to the 752 MW
Borssele 1&2 site in July 2016, with an average bid strike price, excluding transmission costs, of EUR 72.70/MWh for the first 15 years of the project's operation. The project is jointly owned by Ørsted and Norges Bank Investment Management (NBIM). It consists of 94 Siemens Gamesa Renewable Energy SG 8.0-167 DD turbines. It is located 23 km off the coast of Zeeland (Westkappele), and is expected to provide power to over 500,000 households annually.