The European Investment Bank has agreed to provide a slightly delayed £150 million to Vattenfall for the Thanet Offshore Wind Farm, which started producing electricity in September 2010.
The wind farm, the largest in the world, consists of 100 turbines, each 115m tall, and has a generating capacity of 300MW. The loan from the EIB is based on a seven-year repayment plan.
Simon Brooks, EIB Vice President for the United Kingdom said: “The Thanet Offshore wind farm demonstrates how offshore wind can achieve economies of scale and make a significant contribution to renewable energy supply. The European Investment Bank is committed to supporting expansion of the offshore sector to increase experience and drive commercialisation of cutting edge technology.”
Located 12km off the coast of Kent the entire Thanet wind farm covers 35 square kilometres and produces enough electricity to supply more than 200,000 homes with clean electricity. The European Investment Bank is also expected to fund a transmission link connecting the Thanet wind farm to the national grid.
In the last five years (2006-2010) the EIB has channelled over £17 billion into projects in the UK.