The European Investment Bank (EIB) is providing £51 million for a transmission link to a wind farm in the UK.
The Gwynt y Mor offshore wind farm, located in Liverpool Bay, eight miles off the north Wales coast, will produce enough electricity to power around 400,000 homes.
It will include 160 turbines, with a total capacity of 576MW.
The offshore transmission link will include two offshore substations and more than 120 kilometres of high-voltage transmission cable as well as a new substation at St Asaph Business Park.
Jonathan Taylor from the EIB said: “Investment in renewable energy helps to reduce carbon emissions and benefits local economic activity.
“We are pleased to be able to support the Gwynt y Môr project and continue our close co-operation with Ofgem to connect offshore windfarms to the national grid. The scheme is already creating jobs in north Wales and elsewhere and clearly demonstrates the huge potential of harnessing wind energy in UK waters.”