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EIB to co-finance Fécamp wind farm

By: Tom Russell 09/06/2020 EIB

General Windfarms

The European Investment Bank (EIB) has announced that it has granted a €450 million credit line to a consortium made up of EDF Renouvelables, Enbridge and wpd to co-finance the construction of the Fécamp offshore wind farm, which is poised to be one of the largest projects in France. This financing will be guaranteed by the European Fund for Strategic Investments, otherwise known as the Juncker Plan.

Totalling €2 billion, the project involves the construction of 71 wind turbines located over 13 km off the French coast. It is scheduled to be brought into service in 2023 and will have a capacity of 497 MW, equivalent to the annual electricity consumption of 770 000 people. According to the developers, the works will create over 1 400 jobs in the local area for a period of three years plus around 100 permanent jobs in maintenance at the port of Fécamp.

The EU bank has recognised expertise in financing offshore wind turbines, having funded numerous operations in other EU countries such as Belgium, Germany, the United Kingdom and the Netherlands. However, this is the first such operation that it is financing in France, reinforcing the objectives set by its shareholders in November 2019 to make it the EU climate bank.

“Financing this offshore wind farm off the coast of Fécamp is a major operation for the EIB and marks an important milestone for us as the EU climate bank,” said EIB Vice-President Ambroise Fayolle. “Like other innovative projects that we are financing elsewhere in Europe, it consolidates our general expertise in fixed and floating offshore wind turbines.”

The European Commissioner for the Economy, Paolo Gentiloni, said: “The European Union is backing the construction of the biggest wind farm in France. The project will provide clean energy to some 770 000 people and create over 1 400 jobs in the local area. It is a perfect example of what we can achieve under the European Green Deal – and another step towards a climate-neutral EU by 2050.”

The Fécamp offshore wind farm will be located between 13 and 22 kilometres off the coast of Fécamp in Normandy. The 71 wind turbines will be connected to gravity-based foundations installed on the seabed at depths between 25 and 30 metres. It is expected to produce the equivalent of the domestic electricity consumption of approximately 770,000 people, representing more than 60% of the inhabitants of the Seine-Maritime area.

For more information on offshore wind farms worldwide, click here.

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EIB to co-finance Fécamp wind farm

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