The European Investment Bank (EIB) is investing €156 million (£112.32m) in a wind project in Germany.

German energy company Wpd AG will use the cash to build and operate the wind farm located in the North Sea.

It is expected to have 18 turbines with a total capacity of 111MW.

The cost of the project is €410 million (£295.2m) and will be completed in March 2016.

Wilhelm Molterer, EIB Vice-President with responsibility for lending operations in Germany said: “The financing of renewable energy, particularly offshore wind energy projects, is and will continue to be a key part of the EIB’s work as it is all about meeting Europe’s ambitious environmental targets. Thus, we are glad to support the Nordergründe project as it will very much contribute to that as well as improving the security of energy supply in Europe.”