EU bank grants €500m loan for German wind project

The European Investment Bank (EIB) has approved a €500 million (£411.4m) loan for a wind farm, which it claims is the “largest offshore wind farm to date” in the German […]

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By Priyanka Shrestha

The European Investment Bank (EIB) has approved a €500 million (£411.4m) loan for a wind farm, which it claims is the “largest offshore wind farm to date” in the German Baltic Sea.

Project owner EnBW Erneuerbare Energien GmbH, a subsidiary of energy firm EnBW Energie Baden-Wurttemberg AG, will develop the 80-wind turbines project, which will have a capacity of 288MW. Called the EnBW Baltic 2 project, it is expected to produce 1.2 billion KWh of electricity, enough to power around 340,000 homes per year and could save 900,000 tonnes of carbon emissions.

Wilhelm Molterer, Vice President of the EIB and also responsible for financing in Germany said: “Demanding projects are required so that Germany can implement its ambitious energy aims. EnBW Baltic 2 sets standards. It will be exemplary for future projects of this magnitude. With the financing that has now been agreed, it will be possible to implement the extensive project quickly and make a decisive contribution to the success of the energy transition.”

The project is the second offshore wind farm in the German Baltic Sea for EnBW as it also operates the EnBW Baltic 1 (pictured), however, the second project is expected to have four times as many turbines and generate six times more electricity.